Cardiol Therapeutics Inc. (NASDAQ:CRDL) Stock Rated "Moderate Buy" by Sell-Side Analysts

Key Points

• Analysts give Cardiol Therapeutics a “Moderate Buy” consensus: three analysts rate the stock a buy and one rates it a sell, with an average 12-month price target of $10.00.
• Institutional investors own 12.49% of the company, with several firms—including Royal Bank of Canada and PVG Asset Management—recently increasing their positions.
• CRDL opened at $1.14, well below the analyst price targets, while the company reported a quarterly loss of $0.04 per share that beat estimates of a $0.09 loss.

Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) has earned an average rating of "Moderate Buy" from the four analysts that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $10.00.

CRDL has been the subject of a number of research analyst reports. HC Wainwright restated a "buy" rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, September 23rd. Wall Street Zen upgraded Cardiol Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cardiol Therapeutics in a research note on Monday, September 21st. Canaccord Genuity Group lifted their price target on Cardiol Therapeutics from $8.00 to $10.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Finally, B. Riley Financial assumed coverage on Cardiol Therapeutics in a research note on Wednesday, August 26th. They issued a "buy" rating and a $11.00 price target for the company.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC bought a new stake in shares of Cardiol Therapeutics in the first quarter valued at about $310,000. PVG Asset Management Corp grew its stake 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 valued at $145,000 after acquiring an additional 10,000 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in Cardiol Therapeutics during the second quarter worth about $27,000. Finally, Royal Bank of Canada increased its position in Cardiol Therapeutics by 62.3% during the first quarter. Royal Bank of Canada now owns 21,648 shares of the company's stock worth $29,000 after acquiring an additional 8,306 shares during the period. Institutional investors own 12.49% of the company's stock.

Cardiol Therapeutics Stock Performance

NASDAQ CRDL opened at $1.14 on Thursday. The firm has a 50-day moving average of $1.76 and a 200-day moving average of $1.42. The stock has a market cap of $135.58 million, a PE ratio of -4.56 and a beta of 0.88. Cardiol Therapeutics has a 52-week low of $0.88 and a 52-week high of $2.34.

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

Cardiol Therapeutics Company Profile

Cardiol Therapeutics Inc is a Canadian clinical-stage biotechnology company focused on developing therapies for inflammatory diseases of the heart and other cardiovascular conditions. The company is headquartered in Burlington, Ontario, and its shares trade on the Nasdaq Capital Market under the symbol CRDL.

Cardiol's lead product candidate, CardiolRx, is a pharmaceutical formulation of cannabidiol being investigated for its potential anti-inflammatory and cardioprotective properties. The company's research has focused on conditions including acute myocarditis, an inflammation of the heart muscle, and recurrent pericarditis, an inflammatory disorder affecting the sac surrounding the heart.

Cardiol conducts clinical development activities through research and trial programs in North America and other regions.

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