Canaccord Genuity Group Issues Positive Forecast for Cardiol Therapeutics (NASDAQ:CRDL) Stock Price

Key Points

• Canaccord Genuity Group raised Cardiol Therapeutics’ price target to $10 from $8 and maintained a “buy” rating, implying potential upside of 455.56% from the reported $1.80 share price.
• Analyst sentiment remains mixed: two analysts rate the stock a buy and one rates it a sell, producing a consensus “hold” rating and an average price target of $9.50.
• Cardiol reported quarterly EPS of -$0.04, beating the consensus estimate of -$0.09. The clinical-stage pharmaceutical company is developing CardiolRx, a CBD-based treatment targeting inflammation and oxidative stress in cardiovascular disease.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) had its price objective increased by analysts at Canaccord Genuity Group from $8.00 to $10.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's price target suggests a potential upside of 455.56% from the company's current price.

Several other equities analysts also recently weighed in on the stock. Wall Street Zen upgraded shares of Cardiol Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. HC Wainwright restated a "buy" rating on shares of Cardiol Therapeutics in a research report on Tuesday, July 14th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $9.50.

Cardiol Therapeutics Stock Performance

NASDAQ CRDL opened at $1.80 on Monday. Cardiol Therapeutics has a 12-month low of $0.88 and a 12-month high of $1.82. The company has a fifty day simple moving average of $1.18 and a two-hundred day simple moving average of $1.18. The stock has a market cap of $208.60 million, a P/E ratio of -7.20 and a beta of 0.72.

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 the consensus estimate of ($0.09) by $0.05. As a group, sell-side analysts forecast that Cardiol Therapeutics will post -0.25 earnings per share for the current year.

Institutional Trading of Cardiol Therapeutics

A number of hedge funds have recently added to or reduced their stakes in CRDL. PVG Asset Management Corp increased its holdings in Cardiol Therapeutics by 10.3% in the first quarter. PVG Asset Management Corp now owns 107,165 shares of the company's stock valued at $145,000 after buying an additional 10,000 shares in the last quarter. Royal Bank of Canada increased its stake 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 valued at $29,000 after purchasing an additional 8,306 shares in the last quarter. Renaissance Technologies LLC acquired a new position in Cardiol Therapeutics in the 1st quarter worth about $310,000. Security National Bank of Sioux City Iowa IA purchased a new position in Cardiol Therapeutics during the fourth quarter worth approximately $31,000. Finally, Simplex Trading LLC grew its holdings in Cardiol Therapeutics by 96.9% in the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company's stock valued at $31,000 after purchasing an additional 15,842 shares during the period. 12.49% of the stock is owned by hedge funds and other institutional investors.

About Cardiol Therapeutics

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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