Cardiol Therapeutics (NASDAQ:CRDL) Announces Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Cardiol Therapeutics (NASDAQ:CRDL) announced its quarterly earnings results on Wednesday. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.05, Zacks reports.

Cardiol Therapeutics Trading Up 1.3%

NASDAQ:CRDL traded up $0.02 during midday trading on Wednesday, hitting $1.52. 790,566 shares of the company traded hands, compared to its average volume of 597,604. The firm has a market capitalization of $176.15 million, a P/E ratio of -5.43 and a beta of 0.72. The firm’s fifty day moving average is $1.14 and its 200-day moving average is $1.17. Cardiol Therapeutics has a 12-month low of $0.88 and a 12-month high of $1.71.

Analysts Set New Price Targets

Several equities analysts have commented on CRDL shares. Wall Street Zen lowered shares of Cardiol Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. HC Wainwright restated a “buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, July 14th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cardiol Therapeutics in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Cardiol Therapeutics has a consensus rating of “Hold” and a consensus price target of $8.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised its stake in shares of Cardiol Therapeutics by 136.2% in the second quarter. Bank of America Corp DE now owns 26,455 shares of the company’s stock valued at $36,000 after acquiring an additional 15,255 shares during the period. Two Sigma Investments LP bought a new position in Cardiol Therapeutics during the 3rd quarter valued at about $249,000. Virtu Financial LLC bought a new position in Cardiol Therapeutics during the 3rd quarter valued at about $154,000. Citadel Advisors LLC grew its stake in shares of Cardiol Therapeutics by 1,132.6% during the third quarter. Citadel Advisors LLC now owns 463,462 shares of the company’s stock valued at $496,000 after buying an additional 425,862 shares during the last quarter. Finally, Susquehanna International Group LLP increased its stake in Cardiol Therapeutics by 366.5% in the third quarter. Susquehanna International Group LLP now owns 93,398 shares of the company’s stock worth $100,000 after purchasing an additional 73,375 shares during the period. Institutional investors own 12.49% of the company’s stock.

Cardiol Therapeutics Company Profile

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.