HC Wainwright Reiterates Buy Rating for Cardiol Therapeutics (NASDAQ:CRDL)

Cardiol Therapeutics (NASDAQ:CRDL)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued on Tuesday,Benzinga reports.

A number of other research firms have also recently weighed in on CRDL. Weiss Ratings restated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. Wall Street Zen lowered shares of Cardiol Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $8.00 target price on shares of Cardiol Therapeutics in a research note on Monday, April 6th. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.50.

Cardiol Therapeutics Stock Up 10.8%

Shares of NASDAQ:CRDL traded up $0.12 during trading on Tuesday, reaching $1.18. 1,886,824 shares of the company’s stock traded hands, compared to its average volume of 528,720. Cardiol Therapeutics has a fifty-two week low of $0.88 and a fifty-two week high of $1.71. The company has a 50-day simple moving average of $1.16 and a 200-day simple moving average of $1.13. The firm has a market cap of $135.42 million, a PE ratio of -4.20 and a beta of 0.74.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its earnings results on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). On average, equities research analysts forecast that Cardiol Therapeutics will post -0.31 EPS for the current year.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its stake in shares of Cardiol Therapeutics by 62.3% in the first quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock worth $29,000 after buying an additional 8,306 shares in the last quarter. Security National Bank of Sioux City Iowa IA purchased a new stake in Cardiol Therapeutics during the 4th quarter valued at about $31,000. Simplex Trading LLC raised its holdings in Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock valued at $31,000 after acquiring an additional 15,842 shares during the last quarter. Boyer Financial Services Inc. acquired a new stake in Cardiol Therapeutics in the 4th quarter valued at about $33,000. Finally, Bank of America Corp DE lifted its stake in Cardiol Therapeutics by 136.2% in the 2nd quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock worth $36,000 after purchasing an additional 15,255 shares in the last quarter. 12.49% of the stock is currently owned by institutional investors and hedge funds.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc (NASDAQ: CRDL) is a clinical-stage pharmaceutical company dedicated to developing immunomodulatory treatments for patients with cardiovascular disease. The company’s lead asset, CardiolRx, is a proprietary, pharmaceutical-grade cannabidiol (CBD) formulation designed to target the inflammation and oxidative stress underlying conditions such as acute myocardial injury and heart failure. Cardiol holds exclusive global rights to CardiolRx through a licensing partnership and is advancing additional preclinical programs focused on small-molecule immunotherapies for heart disease.

CardiolRx is formulated for oral administration and has been evaluated in a randomized, placebo-controlled Phase 2 myocardial protection study assessing safety and key biomarkers following acute coronary syndromes.