AdvisorShares Investments LLC Purchases 164,994 Shares of Cardiol Therapeutics Inc. (NASDAQ:CRDL)

AdvisorShares Investments LLC increased its position in Cardiol Therapeutics Inc. (NASDAQ:CRDL) by 12.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,466,972 shares of the company’s stock after acquiring an additional 164,994 shares during the period. AdvisorShares Investments LLC owned about 2.13% of Cardiol Therapeutics worth $2,934,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lion Street Advisors LLC raised its stake in shares of Cardiol Therapeutics by 31.4% in the second quarter. Lion Street Advisors LLC now owns 253,281 shares of the company’s stock worth $505,000 after purchasing an additional 60,581 shares during the last quarter. Foundations Investment Advisors LLC bought a new stake in Cardiol Therapeutics in the 2nd quarter worth about $97,000. Finally, Baader Bank Aktiengesellschaft purchased a new position in Cardiol Therapeutics in the 2nd quarter worth about $59,000. 12.49% of the stock is owned by institutional investors.

Cardiol Therapeutics Stock Performance

Shares of NASDAQ CRDL opened at $2.09 on Wednesday. The company has a current ratio of 2.39, a quick ratio of 2.39 and a debt-to-equity ratio of 0.01. Cardiol Therapeutics Inc. has a 12-month low of $0.66 and a 12-month high of $3.12. The firm has a market capitalization of $144.21 million, a price-to-earnings ratio of -5.97 and a beta of 0.89. The firm has a 50 day moving average of $2.03 and a 200 day moving average of $2.01.

Cardiol Therapeutics (NASDAQ:CRDL) last issued its quarterly earnings data on Monday, August 12th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.03. On average, research analysts anticipate that Cardiol Therapeutics Inc. will post -0.34 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CRDL. Roth Mkm initiated coverage on shares of Cardiol Therapeutics in a report on Wednesday, June 26th. They set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity Group lifted their target price on shares of Cardiol Therapeutics from $6.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Roth Capital upgraded shares of Cardiol Therapeutics to a “strong-buy” rating in a research note on Wednesday, June 26th. Canaccord Genuity Group raised their price target on Cardiol Therapeutics from $6.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $9.00 price objective on shares of Cardiol Therapeutics in a report on Friday, June 14th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Cardiol Therapeutics currently has an average rating of “Buy” and an average price target of $8.75.

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.