Cardiol Therapeutics Inc. (NASDAQ:CRDL) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Cardiol Therapeutics has a “Moderate Buy” consensus from four covering firms, with three buy ratings and one sell rating. The average 12-month price target is $10.00, including B. Riley’s $11.00 target and Canaccord’s recently raised $10.00 target.
• Shares opened at $1.88, compared with a 52-week range of $0.88 to $2.34, and the company has a market capitalization of approximately $217.8 million. Cardiol reported a quarterly loss of $0.04 per share, beating the consensus loss estimate of $0.09.
• Institutional ownership stands at 12.49%: Several investors increased their positions or initiated new stakes, including Royal Bank of Canada, Renaissance Technologies, and AdvisorShares Investments.

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) have earned an average recommendation of "Moderate Buy" from the four research firms that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and three have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $10.00.

A number of equities research analysts have issued reports on the stock. B. Riley Financial began coverage on shares of Cardiol Therapeutics in a research note on Wednesday, August 26th. They set a "buy" rating and a $11.00 price objective on the stock. HC Wainwright restated a "buy" rating on shares of Cardiol Therapeutics in a research report on Tuesday, July 14th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. Wall Street Zen raised shares of Cardiol Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, Canaccord Genuity Group boosted 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.

Cardiol Therapeutics Stock Performance

NASDAQ:CRDL opened at $1.88 on Friday. The stock has a fifty day moving average price of $1.66 and a 200-day moving average price of $1.36. The company has a market cap of $217.84 million, a price-to-earnings ratio of -7.50 and a beta of 0.79. Cardiol Therapeutics has a fifty-two week low of $0.88 and a fifty-two week high of $2.34.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.05. Research analysts predict that Cardiol Therapeutics will post -0.19 EPS for the current fiscal year.

Institutional Trading of Cardiol Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Concurrent Investment Advisors LLC bought a new position in Cardiol Therapeutics in the second quarter valued at about $27,000. PVG Asset Management Corp lifted its holdings in shares of Cardiol Therapeutics by 10.3% in the first 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 last quarter. Royal Bank of Canada boosted 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 stake in shares of Cardiol Therapeutics in the 1st quarter valued at approximately $310,000. Finally, AdvisorShares Investments LLC grew its holdings in shares of Cardiol Therapeutics by 7.3% during the 4th quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company's stock valued at $570,000 after purchasing an additional 40,589 shares during the last quarter. 12.49% of the stock is currently owned by institutional investors.

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.

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