Zacks Investment Research Downgrades Cardiol Therapeutics (NASDAQ:CRDL) to Hold

Cardiol Therapeutics (NASDAQ:CRDL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Cardiol Therapeutics Inc. is a clinical-stage biotechnology company. It focused on developing innovative anti-inflammatory therapies for the treatment of cardiovascular disease. The company’s lead product consist CardiolRx(TM). Cardiol Therapeutics Inc. is based in Oakville, ON. “

CRDL has been the topic of a number of other reports. Leede Jones Gab reissued a “speculative buy” rating on shares of Cardiol Therapeutics in a report on Tuesday, August 24th. Raymond James raised their price target on Cardiol Therapeutics from C$4.50 to C$5.00 and gave the company an “outperform” rating in a report on Wednesday, August 25th.

Cardiol Therapeutics stock traded up $0.17 during trading on Thursday, reaching $2.21. The company had a trading volume of 671,720 shares, compared to its average volume of 343,402. Cardiol Therapeutics has a 52 week low of $1.82 and a 52 week high of $4.96. The business’s 50-day moving average is $3.41.

Large investors have recently bought and sold shares of the business. Jane Street Group LLC purchased a new position in shares of Cardiol Therapeutics during the third quarter valued at about $327,000. Two Sigma Advisers LP purchased a new position in shares of Cardiol Therapeutics during the third quarter valued at about $129,000. Royal Bank of Canada purchased a new position in shares of Cardiol Therapeutics during the third quarter valued at about $59,000. Morgan Stanley purchased a new position in shares of Cardiol Therapeutics during the third quarter valued at about $112,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Cardiol Therapeutics during the third quarter valued at about $598,000.

About Cardiol Therapeutics

Cardiol Therapeutics Inc is a clinical-stage biotechnology company that focuses on the research and clinical development of anti-inflammatory therapies for the treatment of cardiovascular disease (CVD). Its product, CardiolRx, is a pharmaceutically produced extra strength oral cannabidiol formulation that is entering a Phase II/III outcomes study in hospitalized patients testing positive for the COVID-19 virus.

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