Cardiol Therapeutics (NASDAQ:CRDL) Shares Down 8.5% – Here’s What Happened

Cardiol Therapeutics Inc. (NASDAQ:CRDL) shares dropped 8.5% on Thursday . The stock traded as low as $1.18 and last traded at $1.19. Approximately 753,183 shares changed hands during mid-day trading, an increase of 143% from the average daily volume of 309,784 shares. The stock had previously closed at $1.30.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright initiated coverage on shares of Cardiol Therapeutics in a research note on Monday, June 2nd. They set a “buy” rating and a $9.00 price objective for the company.

Cardiol Therapeutics Stock Down 8.5%

The firm has a market capitalization of $98.35 million, a price-to-earnings ratio of -3.50 and a beta of 1.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.26 and a current ratio of 3.26. The business has a 50 day simple moving average of $1.30 and a 200-day simple moving average of $1.21.

Institutional Trading of Cardiol Therapeutics

A number of institutional investors have recently modified their holdings of the business. Jones Financial Companies Lllp purchased a new stake in Cardiol Therapeutics in the 4th quarter valued at about $25,000. Cetera Investment Advisers bought a new stake in shares of Cardiol Therapeutics in the 4th quarter worth approximately $56,000. Virtu Financial LLC bought a new stake in Cardiol Therapeutics during the 4th quarter valued at $61,000. Atria Investments Inc bought a new stake in shares of Cardiol Therapeutics in the 4th quarter worth $174,000. Finally, Envestnet Asset Management Inc. acquired a new stake in shares of Cardiol Therapeutics during the fourth quarter worth $398,000. 12.49% of the stock is currently owned by hedge funds and other institutional investors.

Cardiol Therapeutics Company Profile

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 heart diseases. Its lead product CardiolRx, which is in Phase II multi-national, randomized, double-blind, and placebo-controlled study to evaluate the efficacy and safety of CardiolRx in acute myocarditis, as well as for the treatment of recurrent pericarditis.