Rodman & Renshaw Begins Coverage on Cardiol Therapeutics (NASDAQ:CRDL)

Rodman & Renshaw started coverage on shares of Cardiol Therapeutics (NASDAQ:CRDL) in a report published on Tuesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

Separately, HC Wainwright restated a “buy” rating and set a $9.00 price objective on shares of Cardiol Therapeutics in a research note on Wednesday, December 18th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $8.40.

Cardiol Therapeutics Trading Up 8.4 %

Shares of NASDAQ CRDL opened at $1.42 on Tuesday. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 0.01. The stock’s 50 day moving average price is $1.37 and its two-hundred day moving average price is $1.78. Cardiol Therapeutics has a 52-week low of $0.96 and a 52-week high of $3.12. The stock has a market capitalization of $117.31 million, a P/E ratio of -3.64 and a beta of 0.89.

Hedge Funds Weigh In On Cardiol Therapeutics

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

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.