Cardiol Therapeutics (NASDAQ:CRDL) Upgraded by Brookline Capital Management to Strong-Buy Rating

Key Points

• Cardiol Therapeutics has been upgraded to a strong-buy rating by Brookline Capital Management, reflecting increased analyst confidence in the company's stock.
• HC Wainwright initiated coverage with a buy rating and a price target of $9.00, contributing to a consensus price target of $8.00 among analysts.
• The company's stock has risen by 2.8%, currently trading at $1.11, with recent earnings exceeding expectations, reporting a loss of ($0.07) per share compared to a consensus estimate of ($0.11).

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) was upgraded by equities researchers at Brookline Capital Management to a "strong-buy" rating in a note issued to investors on Wednesday,Zacks.com reports.

Separately, HC Wainwright began coverage on shares of Cardiol Therapeutics in a research report on Monday, June 2nd. They issued a "buy" rating and a $9.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. Based on data from MarketBeat.com, Cardiol Therapeutics has a consensus rating of "Strong Buy" and an average target price of $8.00.

Cardiol Therapeutics Stock Performance

Shares of NASDAQ CRDL traded down $0.02 during midday trading on Wednesday, hitting $1.11. The company's stock had a trading volume of 329,064 shares, compared to its average volume of 416,496. The firm has a market cap of $94.96 million, a P/E ratio of -3.28 and a beta of 1.03. The firm's fifty day moving average price is $1.19 and its 200-day moving average price is $1.18. Cardiol Therapeutics has a 1-year low of $0.77 and a 1-year high of $2.42. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.46 and a current ratio of 2.46.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last issued 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. On average, sell-side analysts forecast that Cardiol Therapeutics will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On Cardiol Therapeutics

Several hedge funds have recently made changes to their positions in CRDL. Bank of America Corp DE grew its stake in shares of Cardiol Therapeutics by 136.2% during the 2nd quarter. Bank of America Corp DE now owns 26,455 shares of the company's stock worth $36,000 after acquiring an additional 15,255 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new position in Cardiol Therapeutics during the second quarter worth $39,000. Cetera Investment Advisers acquired a new position in Cardiol Therapeutics during the fourth quarter worth $56,000. Lion Street Advisors LLC increased its holdings in Cardiol Therapeutics by 8.5% during the first quarter. Lion Street Advisors LLC now owns 333,725 shares of the company's stock worth $318,000 after buying an additional 26,059 shares during the last quarter. Finally, PVG Asset Management Corp acquired a new position in Cardiol Therapeutics during the fourth quarter worth $624,000. 12.49% of the stock is owned by institutional investors.

Cardiol Therapeutics Company Profile

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.