Wall Street Zen Upgrades Cardiol Therapeutics (NASDAQ:CRDL) to Hold

Key Points

• Wall Street Zen upgraded Cardiol Therapeutics from “Sell” to “Hold,” while analysts overall maintain an average “Hold” rating and an $8.50 price target.
• CRDL shares opened at $1.80, up 5.3%, with a market capitalization of approximately $208.6 million; the stock has traded between $0.88 and $1.82 over the past year.
• 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, which is developing CardiolRx and other immunomodulatory treatments for cardiovascular disease.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

CRDL has been the subject of a number of other reports. Weiss Ratings restated a "sell (d-)" rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. HC Wainwright reissued a "buy" rating on shares of Cardiol Therapeutics in a research note on Tuesday, July 14th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Cardiol Therapeutics has an average rating of "Hold" and an average price target of $8.50.

Cardiol Therapeutics Trading Up 5.3%

Shares of NASDAQ:CRDL opened at $1.80 on Friday. The company has a 50 day moving average of $1.18 and a 200-day moving average of $1.18. The firm has a market cap of $208.60 million, a P/E ratio of -7.20 and a beta of 0.72. Cardiol Therapeutics has a twelve month low of $0.88 and a twelve month high of $1.82.

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 (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.05. Equities research analysts forecast that Cardiol Therapeutics will post -0.29 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CRDL. Royal Bank of Canada grew its stake in Cardiol Therapeutics by 62.3% in the first 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. Bank of America Corp DE increased its position in Cardiol Therapeutics by 136.2% during the second quarter. Bank of America Corp DE now owns 26,455 shares of the company's stock worth $36,000 after buying an additional 15,255 shares during the last quarter. Simplex Trading LLC increased its position in Cardiol Therapeutics by 96.9% during the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company's stock worth $31,000 after buying an additional 15,842 shares during the last quarter. Security National Bank of Sioux City Iowa IA bought a new position in Cardiol Therapeutics during the fourth quarter valued at about $31,000. Finally, Boyer Financial Services Inc. bought a new position in Cardiol Therapeutics during the fourth quarter valued at about $33,000. 12.49% of the stock is owned by institutional investors and hedge funds.

Cardiol Therapeutics Company Profile

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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