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

Key Points

• HC Wainwright reaffirmed its Buy rating on Cardiol Therapeutics and set a $9.00 price target, implying approximately 431% upside from the prior close. The analyst consensus is Moderate Buy with a $10.00 target price.
• CRDL shares fell 4.2% to $1.70, trading between a 12-month range of $0.88 and $2.34. The company reported quarterly EPS of negative $0.04, beating estimates of negative $0.09.
• Cardiol Therapeutics is developing anti-inflammatory cardiovascular treatments, led by CardiolRx, an oral cannabidiol formulation being studied for acute myocarditis and recurrent pericarditis.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at HC Wainwright in a research report issued on Wednesday, Benzinga reports. They presently have a $9.00 target price on the stock. HC Wainwright's price objective would indicate a potential upside of 430.97% from the company's previous close.

Other equities analysts have also issued reports about the stock. B. Riley Financial initiated coverage on shares of Cardiol Therapeutics in a research report on Wednesday, August 26th. They issued a "buy" rating and a $11.00 price objective on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Cardiol Therapeutics in a report on Monday. Canaccord Genuity Group raised their price objective on shares of Cardiol Therapeutics from $8.00 to $10.00 and gave the company a "buy" rating in a research report on Monday, August 17th. Finally, Wall Street Zen upgraded Cardiol Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, August 15th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cardiol Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Cardiol Therapeutics Stock Down 4.2%

CRDL traded down $0.08 on Wednesday, hitting $1.70. 541,590 shares of the company traded hands, compared to its average volume of 753,762. Cardiol Therapeutics has a 12-month low of $0.88 and a 12-month high of $2.34. The company has a 50 day moving average of $1.70 and a 200-day moving average of $1.38. The stock has a market capitalization of $196.92 million, a PE ratio of -6.78 and a beta of 0.79.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.09) by $0.05. On average, research analysts anticipate that Cardiol Therapeutics will post -0.19 EPS for the current year.

Institutional Trading of Cardiol Therapeutics

A number of institutional investors have recently added to or reduced their stakes in CRDL. AdvisorShares Investments LLC grew its position in Cardiol Therapeutics by 7.3% during the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company's stock worth $570,000 after buying an additional 40,589 shares during the period. Integrity Alliance LLC. acquired a new stake in shares of Cardiol Therapeutics during the 4th quarter valued at approximately $416,000. Renaissance Technologies LLC purchased a new stake in shares of Cardiol Therapeutics during the 1st quarter worth approximately $310,000. PVG Asset Management Corp grew its holdings in shares of Cardiol Therapeutics by 10.3% in the 1st quarter. PVG Asset Management Corp now owns 107,165 shares of the company's stock worth $145,000 after acquiring an additional 10,000 shares during the period. Finally, Royal Bank of Canada grew its holdings in shares of Cardiol Therapeutics by 62.3% in the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company's stock worth $29,000 after acquiring an additional 8,306 shares during the period. Hedge funds and other institutional investors own 12.49% of the company's stock.

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.