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

Key Points

• Analysts have a “Moderate Buy” consensus on Cardiol Therapeutics, with three buy ratings and one sell rating. The average 12-month price target is $9.50.
• CRDL shares opened at $2.00, up 7.5%, near their 12-month high of $2.02; the stock’s market capitalization is approximately $231.8 million.
• Cardiol reported quarterly EPS of -$0.04, beating the consensus estimate of -$0.09. Institutional investors and hedge funds own 12.49% of the company.

Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the four brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12-month target price among analysts that have covered the stock in the last year is $9.50.

A number of equities analysts have recently issued reports on CRDL shares. Wall Street Zen upgraded shares of Cardiol Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. HC Wainwright restated a "buy" rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. B. Riley Financial started coverage on Cardiol Therapeutics in a research report on Wednesday. They set a "buy" rating on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. Finally, Canaccord Genuity Group boosted their price target on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a research report on Monday, August 17th.

Cardiol Therapeutics Stock Up 7.5%

CRDL stock opened at $2.00 on Wednesday. The firm's fifty day simple moving average is $1.29 and its two-hundred day simple moving average is $1.23. The stock has a market capitalization of $231.78 million, a price-to-earnings ratio of -8.00 and a beta of 0.72. Cardiol Therapeutics has a twelve month low of $0.88 and a twelve month high of $2.02.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.05. As a group, equities research analysts expect that Cardiol Therapeutics will post -0.24 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Concurrent Investment Advisors LLC purchased a new position in shares of Cardiol Therapeutics in the second quarter worth $27,000. Royal Bank of Canada increased its position 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 acquiring an additional 8,306 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new position in shares of Cardiol Therapeutics in the 4th quarter valued at $31,000. Simplex Trading LLC raised its stake 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 acquiring an additional 15,842 shares during the last quarter. Finally, Boyer Financial Services Inc. purchased a new position in Cardiol Therapeutics in the 4th quarter worth $33,000. 12.49% of the stock is owned by institutional investors and hedge funds.

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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