Cardiol Therapeutics Inc. (NASDAQ:CRDL) Stock Has Consensus Target Price of $10.00

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has been assigned a consensus recommendation of “Moderate Buy” from the four research firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation and three have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $10.00.

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

Cardiol Therapeutics Price Performance

CRDL opened at $1.17 on Thursday. The business has a fifty day simple moving average of $1.73 and a 200 day simple moving average of $1.41. Cardiol Therapeutics has a 1 year low of $0.88 and a 1 year high of $2.34. The company has a market capitalization of $139.15 million, a PE ratio of -4.68 and a beta of 0.88.

Cardiol Therapeutics (NASDAQ:CRDL) last posted its quarterly earnings data on Thursday, August 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.05. Equities analysts anticipate that Cardiol Therapeutics will post -0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Royal Bank of Canada boosted its stake in shares of 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 buying an additional 8,306 shares during the period. PVG Asset Management Corp increased its stake 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 acquiring an additional 10,000 shares during the period. Concurrent Investment Advisors LLC acquired a new position in Cardiol Therapeutics in the 2nd quarter valued at $27,000. Finally, Renaissance Technologies LLC acquired a new position in Cardiol Therapeutics in the 1st quarter valued at $310,000. 12.49% of the stock is currently owned by institutional investors and hedge funds.

Cardiol Therapeutics Company Profile

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.