RODMAN&RENSHAW Upgrades Cardiol Therapeutics (NASDAQ:CRDL) to Strong-Buy

Cardiol Therapeutics (NASDAQ:CRDL) was upgraded by stock analysts at RODMAN&RENSHAW to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Rodman & Renshaw assumed coverage on Cardiol Therapeutics in a research note on Tuesday. They set a “buy” rating and a $7.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $9.00 target price on shares of Cardiol Therapeutics in a research report on Wednesday, December 18th. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Cardiol Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $8.40.

Cardiol Therapeutics Price Performance

Shares of CRDL stock opened at $1.31 on Tuesday. The firm’s 50 day moving average price is $1.38 and its two-hundred day moving average price is $1.79. The stock has a market cap of $108.22 million, a PE ratio of -3.36 and a beta of 0.89. Cardiol Therapeutics has a 52-week low of $0.96 and a 52-week high of $3.12. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.49 and a current ratio of 2.49.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Townsquare Capital LLC bought a new position in shares of Cardiol Therapeutics during the 3rd quarter valued at about $27,000. Wealth Enhancement Advisory Services LLC acquired a new stake in Cardiol Therapeutics during the 3rd quarter worth approximately $27,000. Jane Street Group LLC bought a new position in Cardiol Therapeutics in the third quarter valued at approximately $29,000. Foundations Investment Advisors LLC boosted its holdings in shares of Cardiol Therapeutics by 237.4% in the third quarter. Foundations Investment Advisors LLC now owns 161,950 shares of the company’s stock valued at $321,000 after buying an additional 113,950 shares during the period. Finally, Lion Street Advisors LLC increased its position in shares of Cardiol Therapeutics by 12.6% during the fourth quarter. Lion Street Advisors LLC now owns 307,666 shares of the company’s stock worth $396,000 after acquiring an additional 34,385 shares in the last quarter. 12.49% of the stock is owned by institutional investors and hedge funds.

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.