Cardiol Therapeutics (NASDAQ:CRDL) Trading Down 0.9% – What’s Next?

Cardiol Therapeutics Inc. (NASDAQ:CRDL)’s stock price fell 0.9% during mid-day trading on Tuesday . The company traded as low as $1.05 and last traded at $1.05. Approximately 218,350 shares were traded during trading, a decline of 36% from the average daily volume of 342,726 shares. The stock had previously closed at $1.06.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wall Street Zen lowered Cardiol Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Canaccord Genuity Group restated a “buy” rating and set a $8.00 price target on shares of Cardiol Therapeutics in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $8.50.

Cardiol Therapeutics Stock Performance

The firm has a market cap of $121.01 million, a PE ratio of -3.75 and a beta of 0.72. The company’s 50-day simple moving average is $1.27 and its two-hundred day simple moving average is $1.13.

Cardiol Therapeutics (NASDAQ:CRDL) last released its quarterly earnings data on Monday, May 11th. The company reported ($0.07) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.07). On average, analysts expect that Cardiol Therapeutics Inc. will post -0.31 EPS for the current year.

Institutional Trading of Cardiol Therapeutics

Several large investors have recently modified their holdings of the business. PVG Asset Management Corp increased its holdings in Cardiol Therapeutics by 10.3% during the 1st quarter. PVG Asset Management Corp now owns 107,165 shares of the company’s stock valued at $145,000 after purchasing an additional 10,000 shares during the period. Royal Bank of Canada lifted its holdings in Cardiol Therapeutics by 62.3% in the 1st quarter. Royal Bank of Canada now owns 21,648 shares of the company’s stock worth $29,000 after buying an additional 8,306 shares during the period. Renaissance Technologies LLC purchased a new stake in Cardiol Therapeutics in the 1st quarter worth approximately $310,000. Security National Bank of Sioux City Iowa IA bought a new stake in shares of Cardiol Therapeutics in the 4th quarter worth approximately $31,000. Finally, Simplex Trading LLC grew its position in shares of Cardiol Therapeutics by 96.9% in the 4th quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock worth $31,000 after buying an additional 15,842 shares during the last quarter. 12.49% of the stock is owned by institutional investors.

About Cardiol Therapeutics

Cardiol Therapeutics Inc (NASDAQ: CRDL) is a clinical-stage pharmaceutical company dedicated to developing immunomodulatory treatments for patients with cardiovascular disease. The company’s lead asset, CardiolRx, is a proprietary, pharmaceutical-grade cannabidiol (CBD) formulation designed to target the inflammation and oxidative stress underlying conditions such as acute myocardial injury and heart failure. Cardiol holds exclusive global rights to CardiolRx through a licensing partnership and is advancing additional preclinical programs focused on small-molecule immunotherapies for heart disease.

CardiolRx is formulated for oral administration and has been evaluated in a randomized, placebo-controlled Phase 2 myocardial protection study assessing safety and key biomarkers following acute coronary syndromes.