Cardiol Therapeutics (NASDAQ:CRDL) Given New $8.00 Price Target at Canaccord Genuity Group

Cardiol Therapeutics (NASDAQ:CRDL) had its price target increased by research analysts at Canaccord Genuity Group from $6.00 to $8.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 266.97% from the company’s previous close.

Separately, HC Wainwright reiterated a “buy” rating and set a $9.00 price target on shares of Cardiol Therapeutics in a report on Tuesday, May 14th.

Cardiol Therapeutics Trading Down 1.8 %

Shares of NASDAQ CRDL opened at $2.18 on Thursday. Cardiol Therapeutics has a one year low of $0.63 and a one year high of $2.41. The firm has a market capitalization of $149.05 million, a PE ratio of -6.23 and a beta of 0.87. The company has a current ratio of 2.81, a quick ratio of 2.81 and a debt-to-equity ratio of 0.01. The business has a 50-day moving average price of $1.88 and a two-hundred day moving average price of $1.38.

Cardiol Therapeutics (NASDAQ:CRDL) last announced its quarterly 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). As a group, analysts predict that Cardiol Therapeutics will post -0.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Cardiol Therapeutics stock. Tejara Capital Ltd increased its position in shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 29.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 645,457 shares of the company’s stock after purchasing an additional 148,396 shares during the period. Tejara Capital Ltd owned about 1.00% of Cardiol Therapeutics worth $578,000 at the end of the most recent reporting period. Hedge funds and other institutional investors 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.