Cardiol Therapeutics (NASDAQ:CRDL) Issues Quarterly Earnings Results

Cardiol Therapeutics (NASDAQ:CRDL) announced its quarterly earnings data on Tuesday. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.04, Zacks reports.

Cardiol Therapeutics Stock Performance

Shares of CRDL stock traded up $0.02 during midday trading on Wednesday, hitting $1.37. 503,562 shares of the company were exchanged, compared to its average volume of 531,167. Cardiol Therapeutics has a 52 week low of $0.77 and a 52 week high of $1.59. The firm has a market capitalization of $152.64 million, a P/E ratio of -4.58 and a beta of 1.02. The firm’s 50 day moving average price is $1.03 and its two-hundred day moving average price is $1.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.89 and a current ratio of 3.89.

Hedge Funds Weigh In On Cardiol Therapeutics

Large investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of Cardiol Therapeutics by 1,983.0% in the third quarter. Bank of America Corp DE now owns 551,053 shares of the company’s stock valued at $590,000 after acquiring an additional 524,598 shares during the period. Citadel Advisors LLC raised its stake in Cardiol Therapeutics by 1,132.6% in the 3rd quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock worth $496,000 after purchasing an additional 425,862 shares in the last quarter. Two Sigma Investments LP bought a new stake in Cardiol Therapeutics in the 3rd quarter valued at about $249,000. Virtu Financial LLC acquired a new position in shares of Cardiol Therapeutics during the 3rd quarter worth approximately $154,000. Finally, Susquehanna International Group LLP grew its position in shares of Cardiol Therapeutics by 366.5% during the 3rd quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock worth $100,000 after purchasing an additional 73,375 shares in the last quarter. Institutional investors own 12.49% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on CRDL shares. HC Wainwright restated a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a report on Tuesday, February 10th. raised shares of Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 3rd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, Cardiol Therapeutics presently has an average rating of “Hold” and a consensus target price of $9.00.

About Cardiol Therapeutics

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.