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

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL - Get Free Report) have been assigned an average rating of "Buy" from the seven ratings firms that are covering the stock, Marketbeat reports. Five research analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $8.40.

Several equities research analysts recently commented on the stock. Rodman & Renshaw initiated coverage on shares of Cardiol Therapeutics in a research report on Tuesday, January 28th. They issued a "buy" rating and a $7.00 price target for the company. HC Wainwright reissued a "buy" rating and set a $9.00 price target on shares of Cardiol Therapeutics in a research report on Monday, April 7th. Finally, RODMAN&RENSHAW raised Cardiol Therapeutics to a "strong-buy" rating in a research note on Tuesday, January 28th.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CRDL. Jane Street Group LLC acquired a new position in Cardiol Therapeutics during the third quarter worth $29,000. Jones Financial Companies Lllp acquired a new position in shares of Cardiol Therapeutics during the 4th quarter valued at about $25,000. Lion Street Advisors LLC raised its stake in shares of 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 acquiring an additional 34,385 shares in the last quarter. Cetera Investment Advisers acquired a new stake in Cardiol Therapeutics in the 4th quarter worth approximately $56,000. Finally, Virtu Financial LLC bought a new stake in Cardiol Therapeutics during the fourth quarter worth approximately $61,000. Institutional investors own 12.49% of the company's stock.

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Cardiol Therapeutics Price Performance

Shares of NASDAQ:CRDL traded up $0.03 during trading hours on Friday, hitting $1.06. 161,970 shares of the company's stock traded hands, compared to its average volume of 384,104. Cardiol Therapeutics has a 52 week low of $0.77 and a 52 week high of $3.12. The company has a market cap of $87.57 million, a price-to-earnings ratio of -2.72 and a beta of 1.00. The company's fifty day simple moving average is $1.09 and its two-hundred day simple moving average is $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.

Cardiol Therapeutics (NASDAQ:CRDL - Get Free Report) last announced its earnings results 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. As a group, equities analysts anticipate that Cardiol Therapeutics will post -0.33 EPS for the current fiscal year.

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.