Rodman & Renshaw Begins Coverage on Cardiol Therapeutics (NASDAQ:CRDL)

Equities research analysts at Rodman & Renshaw started coverage on shares of Cardiol Therapeutics (NASDAQ:CRDL) in a research note issued on Tuesday, Marketbeat reports. The firm set a “buy” rating and a $7.00 price target on the stock. Rodman & Renshaw’s price objective would suggest a potential upside of 434.35% from the stock’s previous close.

Separately, HC Wainwright restated a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a research report on Wednesday, December 18th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, Cardiol Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $8.40.

Cardiol Therapeutics Stock Performance

Shares of Cardiol Therapeutics stock opened at $1.31 on Tuesday. The company has a market capitalization of $108.22 million, a PE ratio of -3.36 and a beta of 0.89. Cardiol Therapeutics has a one year low of $0.96 and a one year 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 company has a 50-day simple moving average of $1.38 and a two-hundred day simple moving average of $1.79.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the company. Townsquare Capital LLC purchased a new stake in shares of Cardiol Therapeutics during the 3rd quarter worth approximately $27,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Cardiol Therapeutics during the third quarter worth $27,000. Jane Street Group LLC acquired a new stake in Cardiol Therapeutics in the third quarter valued at $29,000. Foundations Investment Advisors LLC increased its position in shares of Cardiol Therapeutics by 237.4% in the third quarter. Foundations Investment Advisors LLC now owns 161,950 shares of the company’s stock valued at $321,000 after buying an additional 113,950 shares in the last quarter. Finally, Lion Street Advisors LLC raised its stake in shares of Cardiol Therapeutics by 12.6% during the 4th quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock worth $396,000 after buying an additional 34,385 shares during the last quarter. Institutional investors and hedge funds own 12.49% of the company’s stock.

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.