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

Cardiol Therapeutics Inc. (NASDAQ:CRDL) has been assigned an average recommendation of “Buy” from the seven research firms that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $8.40.

A number of research firms recently issued reports on CRDL. RODMAN&RENSHAW upgraded shares of Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday. HC Wainwright reissued a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, December 18th. Finally, Rodman & Renshaw assumed coverage on Cardiol Therapeutics in a report on Tuesday. They set a “buy” rating and a $7.00 target price on the stock.

Institutional Trading of Cardiol Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Foundations Investment Advisors LLC raised its holdings in 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 purchasing an additional 113,950 shares in the last quarter. Lion Street Advisors LLC increased its stake in Cardiol Therapeutics by 12.6% in 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 during the period. Jane Street Group LLC purchased a new position in Cardiol Therapeutics during the 3rd quarter worth $29,000. Townsquare Capital LLC acquired a new stake in shares of Cardiol Therapeutics in the 3rd quarter worth $27,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Cardiol Therapeutics in the third quarter valued at about $27,000. 12.49% of the stock is currently owned by hedge funds and other institutional investors.

Cardiol Therapeutics Trading Up 8.4 %

Shares of Cardiol Therapeutics stock opened at $1.42 on Tuesday. Cardiol Therapeutics has a 12-month low of $0.96 and a 12-month high of $3.12. The firm’s 50 day simple moving average is $1.37 and its two-hundred day simple moving average is $1.78. The company has a current ratio of 2.49, a quick ratio of 2.49 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $117.31 million, a price-to-earnings ratio of -3.64 and a beta of 0.89.

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.