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

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) have been given an average recommendation of “Moderate Buy” by the four analysts that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating and three have given a buy rating to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $10.00.

A number of research analysts recently issued reports on CRDL shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Monday, September 21st. Canaccord Genuity Group raised their price target on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, August 17th. B. Riley Financial assumed coverage on shares of Cardiol Therapeutics in a research note on Wednesday, August 26th. They issued a “buy” rating and a $11.00 price target for the company. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, September 23rd. Finally, Wall Street Zen upgraded shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, August 15th.

Institutional Trading of Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC bought a new position in Cardiol Therapeutics in the third quarter worth approximately $32,000. AIGH Capital Management LLC acquired a new stake in Cardiol Therapeutics in the third quarter valued at approximately $166,000. Concurrent Investment Advisors LLC acquired a new stake in Cardiol Therapeutics in the second quarter valued at approximately $27,000. PVG Asset Management Corp increased 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 valued at $145,000 after acquiring an additional 10,000 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in shares of Cardiol Therapeutics by 62.3% during the first quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock valued at $29,000 after acquiring an additional 8,306 shares in the last quarter. 12.49% of the stock is owned by institutional investors.

Cardiol Therapeutics Stock Performance

Cardiol Therapeutics stock opened at $0.99 on Monday. The stock has a market capitalization of $121.01 million, a price-to-earnings ratio of -3.98 and a beta of 1.03. Cardiol Therapeutics has a 52-week low of $0.88 and a 52-week high of $2.34. The stock’s 50 day moving average price is $1.52 and its two-hundred day moving average price is $1.30.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.05. On average, equities research analysts forecast that Cardiol Therapeutics will post -0.19 EPS for the current year.

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing therapies for diseases of the heart and other conditions involving inflammation and fibrosis. The company’s research is centered on novel pharmaceutical treatments intended to address unmet needs in cardiovascular medicine.

Cardiol’s lead investigational product, CardiolRx, is an oral formulation of pharmaceutical-grade cannabidiol. It is being evaluated as an anti-inflammatory therapy for acute myocarditis, an inflammation of the heart muscle, and recurrent pericarditis, an inflammation of the membrane surrounding the heart.