Cardiol Therapeutics Inc. (NASDAQ:CRDL) Stock Rated "Moderate Buy" by Wall Street Analysts

Key Points

• Analysts rate Cardiol Therapeutics “Moderate Buy”: Three of four covering analysts recommend buying the stock, while one recommends selling. Their average 12-month price target is $10.
• Recent analyst targets range from $9 to $11: Canaccord Genuity raised its target to $10, HC Wainwright set $9, and B. Riley initiated coverage with an $11 target.
• Cardiol reported a quarterly loss of $0.04 per share, beating the consensus estimate of a $0.09 loss. Shares opened at $0.99, within a 12-month range of $0.88 to $2.34.

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

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

Hedge Funds Weigh In On Cardiol Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC acquired a new stake in Cardiol Therapeutics during the 3rd quarter worth about $32,000. AIGH Capital Management LLC bought a new position in shares of Cardiol Therapeutics in the 3rd quarter worth about $166,000. Concurrent Investment Advisors LLC acquired a new position in shares of Cardiol Therapeutics in the 2nd quarter valued at about $27,000. PVG Asset Management Corp lifted its stake in shares of Cardiol Therapeutics by 10.3% in the 1st quarter. PVG Asset Management Corp now owns 107,165 shares of the company's stock valued at $145,000 after purchasing an additional 10,000 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of Cardiol Therapeutics by 62.3% during 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. Institutional investors and hedge funds own 12.49% of the company's stock.

Cardiol Therapeutics Stock Performance

Shares of CRDL opened at $0.99 on Monday. The company has a market capitalization of $121.01 million, a PE ratio of -3.98 and a beta of 1.03. Cardiol Therapeutics has a 12 month low of $0.88 and a 12 month high of $2.34. The stock's 50-day moving average price is $1.52 and its two-hundred day moving average price is $1.30.

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

About Cardiol Therapeutics

Cardiol Therapeutics Inc is a clinical-stage biotechnology company focused on developing therapies for diseases of the heart and other conditions involving inflammation and fibrosis. The company's research is centered on novel pharmaceutical treatments intended to address unmet needs in cardiovascular medicine.

Cardiol's lead investigational product, CardiolRx, is an oral formulation of pharmaceutical-grade cannabidiol. It is being evaluated as an anti-inflammatory therapy for acute myocarditis, an inflammation of the heart muscle, and recurrent pericarditis, an inflammation of the membrane surrounding the heart.

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