Cardiol Therapeutics (NASDAQ:CRDL) Stock Price Down 4.2%

Cardiol Therapeutics Inc. (NASDAQ:CRDL)’s share price traded down 4.2% during trading on Friday . The stock traded as low as $1.78 and last traded at $1.83. 380,489 shares changed hands during mid-day trading, a decline of 2% from the average session volume of 388,619 shares. The stock had previously closed at $1.91.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CRDL. Canaccord Genuity Group lifted their price target on Cardiol Therapeutics from $6.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, May 23rd. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a research report on Friday, June 14th. Canaccord Genuity Group upped their price target on shares of Cardiol Therapeutics from $6.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Roth Mkm started coverage on shares of Cardiol Therapeutics in a report on Wednesday, June 26th. They set a “buy” rating and a $10.00 price target on the stock. Finally, Roth Capital upgraded Cardiol Therapeutics to a “strong-buy” rating in a report on Wednesday, June 26th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $8.75.

Cardiol Therapeutics Stock Performance

The stock’s 50 day moving average price is $2.03 and its 200 day moving average price is $1.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.39 and a current ratio of 2.39. The company has a market capitalization of $126.27 million, a P/E ratio of -5.23 and a beta of 0.89.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its earnings results on Monday, August 12th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.03. As a group, equities analysts expect that Cardiol Therapeutics Inc. will post -0.34 EPS for the current year.

Institutional Investors Weigh In On Cardiol Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Baader Bank Aktiengesellschaft bought a new stake in Cardiol Therapeutics in the second quarter worth approximately $59,000. AdvisorShares Investments LLC lifted its position in shares of Cardiol Therapeutics by 12.7% during the 2nd quarter. AdvisorShares Investments LLC now owns 1,466,972 shares of the company’s stock valued at $2,934,000 after acquiring an additional 164,994 shares during the period. Foundations Investment Advisors LLC acquired a new position in shares of Cardiol Therapeutics during the 2nd quarter valued at $97,000. Finally, Lion Street Advisors LLC boosted its stake in Cardiol Therapeutics by 31.4% during the second quarter. Lion Street Advisors LLC now owns 253,281 shares of the company’s stock worth $505,000 after acquiring an additional 60,581 shares in the last quarter. Institutional investors own 12.49% of the company’s stock.

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.