Cardiol Therapeutics (NASDAQ:CRDL) Stock Price Down 5% - Here's Why

Key Points

• Cardiol Therapeutics shares fell 5% to $1.14 in Wednesday trading, below both the 50-day moving average of $1.76 and the 200-day average of $1.42. Trading volume was about 830,000 shares, roughly half the daily average.
• Analyst sentiment remains mixed but leans positive: three analysts rate the stock a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and a $10 average price target.
• The clinical-stage biotechnology company reported a quarterly loss of $0.04 per share, beating expectations for a $0.09 loss. Institutional investors own 12.49% of the stock, while analysts expect a full-year loss of $0.19 per share.

Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) was down 5% during trading on Wednesday. The company traded as low as $1.13 and last traded at $1.14. Approximately 829,942 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,690,394 shares. The stock had previously closed at $1.20.

Wall Street Analyst Weigh In

CRDL has been the subject of a number of research reports. Wall Street Zen raised 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 objective on shares of Cardiol Therapeutics in a research note on Wednesday, September 23rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cardiol Therapeutics in a report on Monday, September 21st. Canaccord Genuity Group raised their price objective 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 started coverage on Cardiol Therapeutics in a research report on Wednesday, August 26th. They set a "buy" rating and a $11.00 target price on the stock. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $10.00.

Cardiol Therapeutics Stock Down 5.0%

The firm has a 50-day simple moving average of $1.76 and a 200 day simple moving average of $1.42. The company has a market cap of $135.58 million, a price-to-earnings ratio of -4.56 and a beta of 0.88.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last posted its quarterly earnings data 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. As a group, research analysts expect that Cardiol Therapeutics Inc. will post -0.19 EPS for the current year.

Institutional Trading of Cardiol Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC acquired a new stake in Cardiol Therapeutics during the 1st quarter worth $310,000. PVG Asset Management Corp grew its position in Cardiol Therapeutics by 10.3% during the 1st 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 last quarter. Concurrent Investment Advisors LLC purchased a new position in Cardiol Therapeutics during the 2nd quarter worth $27,000. Finally, Royal Bank of Canada grew its position in Cardiol Therapeutics by 62.3% during the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company's stock worth $29,000 after purchasing an additional 8,306 shares during the last quarter. Hedge funds and other institutional investors own 12.49% of the company's stock.

About Cardiol Therapeutics

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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