Cardiol Therapeutics (NASDAQ:CRDL) Earns "Buy" Rating from HC Wainwright

Key Points

• HC Wainwright reaffirmed its “buy” rating on Cardiol Therapeutics, adding to a mixed analyst picture that currently gives the stock a Hold consensus and an average target price of $8.50.
• Cardiol Therapeutics shares rose to $1.18 on Tuesday, with trading volume well above average, while the company’s market cap stood at about $135.4 million.
• The company recently reported quarterly earnings of -$0.07 per share, matching analyst expectations, and remains focused on developing its lead cardiovascular treatment CardiolRx in clinical-stage studies.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports.

CRDL has been the subject of several other reports. Canaccord Genuity Group restated a "buy" rating and issued a $8.00 price objective on shares of Cardiol Therapeutics in a research note on Monday, April 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. Finally, Wall Street Zen downgraded shares of Cardiol Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $8.50.

Cardiol Therapeutics Stock Performance

Shares of NASDAQ CRDL traded up $0.12 during mid-day trading on Tuesday, hitting $1.18. The stock had a trading volume of 1,886,824 shares, compared to its average volume of 528,720. The firm has a market cap of $135.42 million, a PE ratio of -4.20 and a beta of 0.74. The company has a 50 day moving average of $1.16 and a two-hundred day moving average of $1.13. Cardiol Therapeutics has a twelve month low of $0.88 and a twelve month high of $1.71.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.07) EPS for the quarter, hitting analysts' consensus estimates of ($0.07). Equities research analysts predict that Cardiol Therapeutics will post -0.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Cardiol Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada boosted its stake in shares of Cardiol Therapeutics by 62.3% in the first quarter. Royal Bank of Canada now owns 21,648 shares of the company's stock worth $29,000 after buying an additional 8,306 shares during the last quarter. PVG Asset Management Corp lifted 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 acquiring an additional 10,000 shares during the period. Bank of America Corp DE lifted its holdings in Cardiol Therapeutics by 136.2% in the second quarter. Bank of America Corp DE now owns 26,455 shares of the company's stock valued at $36,000 after acquiring an additional 15,255 shares during the period. Simplex Trading LLC boosted its position in Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company's stock worth $31,000 after purchasing an additional 15,842 shares in the last quarter. Finally, Security National Bank of Sioux City Iowa IA purchased a new stake in Cardiol Therapeutics in the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 12.49% of the company's stock.

Cardiol Therapeutics Company Profile

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.

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