Analysts Set Cardiol Therapeutics Inc. (NASDAQ:CRDL) Target Price at $8.40

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has earned a consensus recommendation of “Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $8.40.

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

Cardiol Therapeutics Stock Down 2.5 %

Shares of NASDAQ:CRDL opened at $1.15 on Friday. The firm has a fifty day moving average price of $1.29 and a two-hundred day moving average price of $1.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.49 and a quick ratio of 2.49. Cardiol Therapeutics has a one year low of $1.06 and a one year high of $3.12. The company has a market cap of $95.00 million, a price-to-earnings ratio of -2.95 and a beta of 0.91.

Institutional Trading of Cardiol Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. PVG Asset Management Corp bought a new stake in Cardiol Therapeutics in the fourth quarter worth $624,000. Cetera Investment Advisers bought a new stake in Cardiol Therapeutics in the fourth quarter worth $56,000. Envestnet Asset Management Inc. bought a new stake in Cardiol Therapeutics in the fourth quarter worth $398,000. Virtu Financial LLC bought a new stake in Cardiol Therapeutics in the fourth quarter worth $61,000. Finally, Tejara Capital Ltd lifted its stake in Cardiol Therapeutics by 75.9% in the fourth quarter. Tejara Capital Ltd now owns 3,115,437 shares of the company’s stock worth $3,988,000 after purchasing an additional 1,344,167 shares during the last quarter. 12.49% of the stock is owned by institutional investors.

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.