Cardiol Therapeutics (NASDAQ:CRDL) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research cut shares of Cardiol Therapeutics (NASDAQ:CRDLGet Rating) from a hold rating to a sell rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Cardiol Therapeutics Inc. is a clinical-stage biotechnology company. It focused on developing innovative anti-inflammatory therapies for the treatment of cardiovascular disease. The company’s lead product consist CardiolRx(TM). Cardiol Therapeutics Inc. is based in Oakville, ON. “

Separately, Canaccord Genuity Group dropped their price objective on Cardiol Therapeutics from $8.00 to $7.00 in a report on Tuesday, April 19th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Buy and an average price target of $6.00.

Shares of CRDL stock opened at $1.43 on Wednesday. Cardiol Therapeutics has a 1-year low of $1.23 and a 1-year high of $4.96. The business has a 50-day moving average of $1.56 and a 200 day moving average of $2.00.

Cardiol Therapeutics (NASDAQ:CRDLGet Rating) last released its quarterly earnings data on Wednesday, March 23rd. The company reported ($0.09) earnings per share for the quarter. As a group, equities research analysts expect that Cardiol Therapeutics will post -0.28 EPS for the current fiscal year.

Several large investors have recently made changes to their positions in the company. MMCAP International Inc. SPC bought a new position in shares of Cardiol Therapeutics in the 4th quarter worth approximately $5,833,000. Renaissance Technologies LLC bought a new position in Cardiol Therapeutics during the 3rd quarter valued at approximately $598,000. Goldman Sachs Group Inc. increased its position in Cardiol Therapeutics by 560.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 126,100 shares of the company’s stock valued at $233,000 after buying an additional 107,000 shares in the last quarter. Jane Street Group LLC bought a new position in Cardiol Therapeutics during the 3rd quarter valued at approximately $327,000. Finally, Geode Capital Management LLC bought a new position in Cardiol Therapeutics during the 3rd quarter valued at approximately $217,000. 14.43% of the stock is owned by hedge funds and other institutional investors.

About Cardiol Therapeutics (Get Rating)

Cardiol Therapeutics Inc, a clinical-stage life sciences company, focuses on the research and development of anti-fibrotic and anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its lead product is CardiolRx, which is in Phase II/III multi-national, randomized, double-blind, and placebo-controlled study; and LANCER design to evaluate the efficacy and safety of CardiolRx as a cardioprotective therapy to reduce major cardiovascular and respiratory events in patients hospitalized with COVID-19 that is in Phase II.

Further Reading

Get a free copy of the Zacks research report on Cardiol Therapeutics (CRDL)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cardiol Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cardiol Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.