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

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

Several research firms recently issued reports on CRDL. HC Wainwright reiterated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a research report on Wednesday, December 18th. Rodman & Renshaw began coverage on Cardiol Therapeutics in a research report on Tuesday, January 28th. They set a “buy” rating and a $7.00 target price for the company. Finally, RODMAN&RENSHAW upgraded Cardiol Therapeutics to a “strong-buy” rating in a research report on Tuesday, January 28th.

Cardiol Therapeutics Stock Performance

NASDAQ:CRDL opened at $1.33 on Tuesday. 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 12-month low of $0.96 and a 12-month high of $3.12. The stock has a 50-day moving average price of $1.36 and a 200 day moving average price of $1.77. The stock has a market capitalization of $109.87 million, a P/E ratio of -3.41 and a beta of 0.91.

Institutional Investors Weigh In On Cardiol Therapeutics

Several institutional investors have recently modified their holdings of the stock. Lion Street Advisors LLC lifted 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 acquiring an additional 34,385 shares during the last quarter. Foundations Investment Advisors LLC increased its holdings in Cardiol Therapeutics by 237.4% during the 3rd 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 during the period. Jane Street Group LLC purchased a new position in Cardiol Therapeutics during the 3rd quarter worth $29,000. Townsquare Capital LLC purchased a new position in Cardiol Therapeutics during the 3rd quarter worth $27,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new position in Cardiol Therapeutics during the 3rd quarter worth $27,000. 12.49% of the stock is owned by institutional investors.

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.