Cardiol Therapeutics (NASDAQ:CRDL) Given “Buy” Rating at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Cardiol Therapeutics (NASDAQ:CRDL) in a report released on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a $8.00 target price on the stock.

A number of other equities analysts have also recently issued reports on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Tuesday, February 10th. raised shares of Cardiol Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 3rd. Finally, Wall Street Zen raised shares of Cardiol Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cardiol Therapeutics currently has an average rating of “Hold” and a consensus price target of $8.50.

Cardiol Therapeutics Price Performance

Shares of CRDL stock opened at $1.39 on Monday. Cardiol Therapeutics has a 52-week low of $0.77 and a 52-week high of $1.59. The stock has a market cap of $155.43 million, a PE ratio of -4.96 and a beta of 0.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.89 and a current ratio of 3.89. The firm’s 50 day moving average price is $1.06 and its two-hundred day moving average price is $1.05.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly earnings data on Monday, March 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.04. As a group, analysts forecast that Cardiol Therapeutics will post -0.33 EPS for the current year.

Institutional Investors Weigh In On Cardiol Therapeutics

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its holdings in Cardiol Therapeutics by 136.2% in the second quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock worth $36,000 after purchasing an additional 15,255 shares during the period. Simplex Trading LLC raised its holdings in Cardiol Therapeutics by 96.9% in the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock worth $31,000 after purchasing an additional 15,842 shares during the period. Security National Bank of Sioux City Iowa IA acquired a new stake in Cardiol Therapeutics in the fourth quarter worth $31,000. Boyer Financial Services Inc. acquired a new stake in Cardiol Therapeutics in the fourth quarter worth $33,000. Finally, Susquehanna International Group LLP raised its holdings in Cardiol Therapeutics by 366.5% in the third 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 during the period. 12.49% of the stock is currently 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.