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

RODMAN&RENSHAW upgraded shares of Cardiol Therapeutics (NASDAQ:CRDL) to a strong-buy rating in a report published on Tuesday,Zacks.com reports.

A number of other analysts have also commented on the company. HC Wainwright reissued a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a report on Wednesday, December 18th. Rodman & Renshaw began coverage on Cardiol Therapeutics in a research report on Tuesday. They issued a “buy” rating and a $7.00 price target 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $8.40.

Cardiol Therapeutics Stock Performance

Shares of CRDL stock opened at $1.42 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. The firm has a fifty day simple moving average of $1.37 and a two-hundred day simple moving average of $1.78. Cardiol Therapeutics has a 12 month low of $0.96 and a 12 month high of $3.12. The firm has a market capitalization of $117.31 million, a PE ratio of -3.64 and a beta of 0.89.

Institutional Investors Weigh In On Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of CRDL. Townsquare Capital LLC purchased a new stake in Cardiol Therapeutics during the 3rd quarter worth about $27,000. Jane Street Group LLC purchased a new stake in Cardiol Therapeutics in the 3rd quarter worth approximately $29,000. Wealth Enhancement Advisory Services LLC bought a new position in Cardiol Therapeutics in the 3rd quarter valued at $27,000. Foundations Investment Advisors LLC increased its holdings 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 worth $321,000 after purchasing an additional 113,950 shares during the period. Finally, Lion Street Advisors LLC grew 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 buying an additional 20,000 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.