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

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

CRDL has been the topic of several recent analyst reports. RODMAN&RENSHAW upgraded shares of Cardiol Therapeutics to a “strong-buy” rating in a report on Tuesday, January 28th. HC Wainwright reiterated a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a research report on Monday, April 7th. Finally, Rodman & Renshaw initiated coverage on shares of Cardiol Therapeutics in a report on Tuesday, January 28th. They set a “buy” rating and a $7.00 target price for the company.

Cardiol Therapeutics Price Performance

Shares of CRDL opened at $1.06 on Friday. The company has a 50 day moving average price of $1.09 and a 200-day moving average price of $1.41. 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 stock has a market capitalization of $87.57 million, a PE ratio of -2.72 and a beta of 1.00. Cardiol Therapeutics has a fifty-two week low of $0.77 and a fifty-two week high of $3.12.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its quarterly earnings data on Monday, March 31st. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.01. Equities analysts predict that Cardiol Therapeutics will post -0.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp purchased a new position in shares of Cardiol Therapeutics in the fourth quarter valued at approximately $25,000. Jane Street Group LLC acquired a new stake in Cardiol Therapeutics during the 3rd quarter worth $29,000. Cetera Investment Advisers acquired a new stake in shares of Cardiol Therapeutics in the fourth quarter valued at about $56,000. Virtu Financial LLC purchased a new position in shares of Cardiol Therapeutics in the fourth quarter worth about $61,000. Finally, Atria Investments Inc acquired a new position in Cardiol Therapeutics during the fourth quarter worth about $174,000. 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.