Cardiol Therapeutics (NASDAQ:CRDL) Raised to Strong-Buy at RODMAN&RENSHAW

Cardiol Therapeutics (NASDAQ:CRDL) was upgraded by equities research analysts at RODMAN&RENSHAW to a “strong-buy” rating in a report released on Tuesday,Zacks.com reports.

Several other research analysts have also recently commented on CRDL. HC Wainwright reissued a “buy” rating and set a $9.00 price target on shares of Cardiol Therapeutics in a research report on Wednesday, December 18th. Rodman & Renshaw initiated coverage on shares of Cardiol Therapeutics in a research note on Tuesday. They issued a “buy” rating and a $7.00 target price for the company. Five equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $8.40.

Cardiol Therapeutics Price Performance

Cardiol Therapeutics stock opened at $1.31 on Tuesday. The company has a fifty day simple moving average of $1.38 and a 200 day simple moving average of $1.79. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.01. Cardiol Therapeutics has a 1-year low of $0.96 and a 1-year high of $3.12. The company has a market cap of $108.22 million, a P/E ratio of -3.36 and a beta of 0.89.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Townsquare Capital LLC acquired a new position in shares of Cardiol Therapeutics in the third quarter valued at approximately $27,000. Jane Street Group LLC acquired a new position in Cardiol Therapeutics in the 3rd quarter valued at $29,000. Wealth Enhancement Advisory Services LLC acquired a new position in Cardiol Therapeutics in the 3rd quarter valued at $27,000. Foundations Investment Advisors LLC lifted its holdings in shares of Cardiol Therapeutics by 237.4% during the third quarter. Foundations Investment Advisors LLC now owns 161,950 shares of the company’s stock worth $321,000 after buying an additional 113,950 shares in the last quarter. Finally, Lion Street Advisors LLC increased its position in Cardiol Therapeutics by 7.9% during the third quarter. Lion Street Advisors LLC now owns 273,281 shares of the company’s stock worth $544,000 after acquiring an additional 20,000 shares during the period. 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.