Cardiol Therapeutics Inc. (NASDAQ:CRDL) Stock Has Average Price Target of $10.00

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) have been given an average recommendation of “Moderate Buy” by the four brokerages that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $10.00.

CRDL has been the topic of several recent research reports. Wall Street Zen raised Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th. Canaccord Genuity Group raised their target price on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cardiol Therapeutics in a research note on Monday, September 21st. B. Riley Financial initiated coverage on Cardiol Therapeutics in a research note on Wednesday, August 26th. They set a “buy” rating and a $11.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a report on Wednesday.

Cardiol Therapeutics Stock Down 1.2%

Shares of NASDAQ CRDL opened at $1.71 on Friday. Cardiol Therapeutics has a 12 month low of $0.88 and a 12 month high of $2.34. The company has a market cap of $198.67 million, a P/E ratio of -6.84 and a beta of 0.79. The business’s 50 day moving average is $1.72 and its two-hundred day moving average is $1.38.

Cardiol Therapeutics (NASDAQ:CRDL) last released its earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.05. Sell-side analysts expect that Cardiol Therapeutics will post -0.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its position in Cardiol Therapeutics by 62.3% in the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock valued at $29,000 after purchasing an additional 8,306 shares during the last quarter. PVG Asset Management Corp grew its holdings in shares of Cardiol Therapeutics by 10.3% during the first quarter. PVG Asset Management Corp now owns 107,165 shares of the company’s stock worth $145,000 after purchasing an additional 10,000 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Cardiol Therapeutics in the second quarter valued at $27,000. AdvisorShares Investments LLC increased its stake in shares of Cardiol Therapeutics by 7.3% in the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company’s stock valued at $570,000 after buying an additional 40,589 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new position in Cardiol Therapeutics during the 1st quarter worth about $310,000. 12.49% of the stock is owned by institutional investors and hedge funds.

About Cardiol Therapeutics

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing anti-inflammatory therapies for diseases of the heart. The company’s research centers on the role of inflammation in cardiovascular conditions, including myocarditis and pericarditis, for which treatment options remain limited.

Cardiol’s lead investigational product is CardiolRx, an oral pharmaceutical formulation of cannabidiol designed for use in cardiovascular medicine. The product is being evaluated in clinical research involving acute myocarditis and recurrent pericarditis.