Analysts Set Cardiol Therapeutics Inc. (NASDAQ:CRDL) Price Target at $7.60

Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) have been assigned an average recommendation of “Buy” from the seven analysts that are currently covering the firm, MarketBeat reports. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.60.

Several equities analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and issued a $9.00 target price on shares of Cardiol Therapeutics in a report on Friday, June 14th. Roth Mkm started coverage on Cardiol Therapeutics in a report on Wednesday. They set a “buy” rating and a $10.00 price objective for the company. Canaccord Genuity Group increased their price objective on Cardiol Therapeutics from $6.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Canaccord Genuity Group raised their price target on Cardiol Therapeutics from $6.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, May 23rd. Finally, Roth Capital raised Cardiol Therapeutics to a “strong-buy” rating in a report on Wednesday.

Institutional Investors Weigh In On Cardiol Therapeutics

An institutional investor recently raised its position in Cardiol Therapeutics stock. Laird Norton Trust Company LLC increased its holdings in Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 63.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 100,000 shares of the company’s stock after buying an additional 38,673 shares during the period. Laird Norton Trust Company LLC owned 0.15% of Cardiol Therapeutics worth $90,000 as of its most recent SEC filing. 12.49% of the stock is currently owned by hedge funds and other institutional investors.

Cardiol Therapeutics Stock Performance

Shares of CRDL opened at $2.02 on Wednesday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.81 and a current ratio of 2.81. The stock has a 50 day moving average price of $2.21 and a two-hundred day moving average price of $1.65. The firm has a market capitalization of $139.38 million, a P/E ratio of -5.77 and a beta of 0.99. Cardiol Therapeutics has a 52 week low of $0.66 and a 52 week high of $3.12.

Cardiol Therapeutics (NASDAQ:CRDL) last released its earnings results on Tuesday, May 14th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Equities analysts forecast that Cardiol Therapeutics will post -0.33 earnings per share for the current fiscal year.

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.