Cardiol Therapeutics (NASDAQ:CRDL) Shares Up 2.7% - Still a Buy?

Key Points

• Cardiol Therapeutics shares rose 2.7% to $1.90 in mid-day trading, with volume roughly in line with its average session activity.
• Analyst sentiment is mixed but leans positive: three analysts rate the stock a Buy, one rates it a Sell, and the consensus is “Moderate Buy” with a $10.00 price target.
• The clinical-stage biotech recently reported a quarterly loss of $0.04 per share, beating estimates of a $0.09 loss. Its lead drug candidate, CardiolRx, is being studied as an anti-inflammatory treatment for myocarditis and recurrent pericarditis.

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) traded up 2.7% during mid-day trading on Wednesday . The stock traded as high as $1.90 and last traded at $1.90. Approximately 1,579,710 shares were traded during mid-day trading, an increase of 1% from the average session volume of 1,558,781 shares. The stock had previously closed at $1.85.

Analyst Ratings Changes

A number of equities analysts have commented on the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Cardiol Therapeutics in a report on Wednesday, June 24th. 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 research note on Monday, August 17th. HC Wainwright reiterated a "buy" rating on shares of Cardiol Therapeutics in a research report on Tuesday, July 14th. Wall Street Zen raised Cardiol Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, August 15th. Finally, B. Riley Financial started coverage on Cardiol Therapeutics in a report on Wednesday, August 26th. They issued a "buy" rating and a $11.00 price objective on the stock. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.00.

Cardiol Therapeutics Stock Performance

The company has a market cap of $220.74 million, a PE ratio of -7.60 and a beta of 0.79. The firm's 50 day moving average is $1.62 and its 200-day moving average is $1.35.

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

Institutional Investors Weigh In On Cardiol Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Integrity Alliance LLC. purchased a new stake in shares of Cardiol Therapeutics in the fourth quarter valued at about $416,000. Renaissance Technologies LLC acquired a new stake in Cardiol Therapeutics during the first quarter worth about $310,000. AdvisorShares Investments LLC raised its stake in Cardiol Therapeutics by 7.3% during the fourth quarter. AdvisorShares Investments LLC now owns 597,977 shares of the company's stock worth $570,000 after purchasing an additional 40,589 shares during the period. Concurrent Investment Advisors LLC purchased a new position in Cardiol Therapeutics during the second quarter worth about $27,000. Finally, PVG Asset Management Corp raised its stake in Cardiol Therapeutics by 10.3% during the first quarter. PVG Asset Management Corp now owns 107,165 shares of the company's stock worth $145,000 after purchasing an additional 10,000 shares during the period. Institutional investors and hedge funds own 12.49% of the company's stock.

Cardiol Therapeutics Company Profile

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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