Cardiol Therapeutics Inc. (NASDAQ:CRDL) Receives Average Recommendation of “Buy” from Brokerages

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has received an average recommendation of “Buy” from the seven research firms that are presently covering the company, Marketbeat reports. Five analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $8.40.

CRDL has been the subject of several research reports. HC Wainwright reissued a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a research report on Monday, February 24th. RODMAN&RENSHAW raised Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday, January 28th. Finally, Rodman & Renshaw initiated coverage on Cardiol Therapeutics in a research report on Tuesday, January 28th. They issued a “buy” rating and a $7.00 target price for the company.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Tejara Capital Ltd increased its position in Cardiol Therapeutics by 75.9% during the 4th quarter. Tejara Capital Ltd now owns 3,115,437 shares of the company’s stock valued at $3,988,000 after buying an additional 1,344,167 shares in the last quarter. PVG Asset Management Corp bought a new position in Cardiol Therapeutics during the 4th quarter valued at approximately $624,000. Envestnet Asset Management Inc. bought a new position in Cardiol Therapeutics during the 4th quarter valued at approximately $398,000. Lion Street Advisors LLC increased its position in Cardiol Therapeutics by 12.6% during the 4th quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock valued at $396,000 after buying an additional 34,385 shares in the last quarter. Finally, Atria Investments Inc bought a new position in Cardiol Therapeutics during the 4th quarter valued at approximately $174,000. Institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Trading Down 4.3 %

NASDAQ CRDL opened at $1.12 on Wednesday. Cardiol Therapeutics has a fifty-two week low of $1.02 and a fifty-two week high of $3.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.49 and a current ratio of 2.49. The stock has a 50 day simple moving average of $1.25 and a two-hundred day simple moving average of $1.58. The stock has a market cap of $92.52 million, a P/E ratio of -2.87 and a beta of 0.95.

About Cardiol Therapeutics

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.