Cardiol Therapeutics (NASDAQ:CRDL) Shares Down 1% – What’s Next?

Cardiol Therapeutics Inc. (NASDAQ:CRDL) shares dropped 1% during trading on Tuesday . The stock traded as low as $0.9803 and last traded at $1.01. Approximately 380,261 shares changed hands during mid-day trading, an increase of 10% from the average daily volume of 346,273 shares. The stock had previously closed at $1.02.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CRDL shares. Brookline Capital Acquisition upgraded Cardiol Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 3rd. HC Wainwright reiterated a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cardiol Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Cardiol Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.01, a quick ratio of 3.89 and a current ratio of 3.89. The firm has a market cap of $112.86 million, a price-to-earnings ratio of -3.37 and a beta of 1.02. The stock’s 50 day simple moving average is $1.01 and its 200-day simple moving average is $1.05.

Hedge Funds Weigh In On Cardiol Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in Cardiol Therapeutics by 136.2% during the 2nd quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock valued at $36,000 after purchasing an additional 15,255 shares during the last quarter. Thompson Davis & CO. Inc. acquired a new stake in shares of Cardiol Therapeutics during the second quarter worth about $39,000. Simplex Trading LLC boosted its position in Cardiol Therapeutics by 96.9% in the fourth quarter. Simplex Trading LLC now owns 32,197 shares of the company’s stock valued at $31,000 after buying an additional 15,842 shares during the last quarter. Security National Bank of Sioux City Iowa IA acquired a new position in Cardiol Therapeutics in the 4th quarter worth approximately $31,000. Finally, Boyer Financial Services Inc. acquired a new position in Cardiol Therapeutics in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 12.49% of the company’s stock.

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.