Cardiol Therapeutics (NASDAQ:CRDL) Trading Down 3.7% - Here's Why

Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report)'s stock price traded down 3.7% during mid-day trading on Monday . The company traded as low as $1.04 and last traded at $1.05. 338,307 shares were traded during trading, a decline of 71% from the average session volume of 1,157,640 shares. The stock had previously closed at $1.09.

Wall Street Analyst Weigh In

Separately, HC Wainwright assumed coverage on Cardiol Therapeutics in a report on Monday, June 2nd. They set a "buy" rating and a $9.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $8.00.

Cardiol Therapeutics Stock Performance

The company has a 50-day simple moving average of $1.26 and a two-hundred day simple moving average of $1.18. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.46 and a current ratio of 2.46. The firm has a market capitalization of $87.90 million, a P/E ratio of -3.09 and a beta of 1.03.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. As a group, equities analysts forecast that Cardiol Therapeutics Inc. will post -0.33 EPS for the current year.

Institutional Trading of Cardiol Therapeutics

Several large investors have recently bought and sold shares of the company. Bank of America Corp DE boosted its position in Cardiol Therapeutics by 136.2% during the 2nd 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 in the last quarter. Lion Street Advisors LLC boosted its position in shares of Cardiol Therapeutics by 8.5% in the 1st quarter. Lion Street Advisors LLC now owns 333,725 shares of the company's stock worth $318,000 after purchasing an additional 26,059 shares in the last quarter. Thompson Davis & CO. Inc. bought a new stake in shares of Cardiol Therapeutics in the 2nd quarter worth approximately $39,000. Cetera Investment Advisers bought a new stake in shares of Cardiol Therapeutics in the 4th quarter worth approximately $56,000. Finally, Tejara Capital Ltd boosted its position in shares of Cardiol Therapeutics by 2.2% in the 2nd quarter. Tejara Capital Ltd now owns 3,265,819 shares of the company's stock worth $4,442,000 after purchasing an additional 70,829 shares in the last quarter. 12.49% of the stock is owned by institutional investors.

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.

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