Cardiol Therapeutics (NASDAQ:CRDL) Announces Quarterly Earnings Results, Meets Expectations

Cardiol Therapeutics (NASDAQ:CRDL) released its quarterly earnings data on Thursday. The company reported ($0.09) EPS for the quarter, meeting analysts’ consensus estimates of ($0.09), Zacks reports.

Cardiol Therapeutics Trading Up 1.5%

Shares of CRDL stock traded up $0.02 during trading on Friday, hitting $1.04. 145,485 shares of the stock traded hands, compared to its average volume of 467,227. Cardiol Therapeutics has a 52-week low of $0.77 and a 52-week high of $1.92. The firm has a market capitalization of $102.32 million, a P/E ratio of -3.07 and a beta of 1.02. The firm’s fifty day moving average price is $1.09 and its 200-day moving average price is $1.20. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46.

Institutional Investors Weigh In On Cardiol Therapeutics

An institutional investor recently raised its position in Cardiol Therapeutics stock. Bank of America Corp DE grew its holdings in Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 136.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,455 shares of the company’s stock after purchasing an additional 15,255 shares during the period. Bank of America Corp DE’s holdings in Cardiol Therapeutics were worth $36,000 as of its most recent filing with the Securities & Exchange Commission. 12.49% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CRDL shares. Weiss Ratings restated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Wednesday, October 8th. Brookline Capital Management raised Cardiol Therapeutics to a “strong-buy” rating in a research note on Wednesday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $8.00.

About Cardiol Therapeutics

Cardiol Therapeutics Inc, a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of heart diseases. Its lead product CardiolRx, which is in Phase II multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx in acute myocarditis, as well as for the treatment of recurrent pericarditis.