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On Monday, H.C. Wainwright analysts initiated coverage on Cardiol Therapeutics stock (NASDAQ: NASDAQ:CRDL) with a Buy rating and set a price target of $9.00 per share, well above the current price of $1.25. The clinical-stage company, currently valued at $103 million, develops anti-inflammatory and anti-fibrotic treatments for heart disease.
The company’s lead product, CardiolRx, is a pharmaceutically manufactured cannabidiol (CBD) oral solution. It is notable for its high purity and absence of detectable THC, which is significant for cardiac patients where THC exposure could be a safety concern.
CardiolRx is designed to modulate the inflammasome pathway, which could potentially unlock significant value for investors. The product’s profile makes it suitable for a broad range of cardiac patients.
H.C. Wainwright analysts highlighted the therapeutic potential of CardiolRx, emphasizing its unique characteristics and potential market impact. The analysts expressed optimism about the company’s future prospects in the cardiac treatment space, with analyst targets ranging from $8.14 to $10.12 per share. Based on InvestingPro’s Fair Value analysis, the stock appears to be trading near its fair value, with six additional ProTips available for subscribers.
In other recent news, Cardiol Therapeutics has initiated a pivotal Phase III trial at Northwestern (NASDAQ:NWE) University to evaluate CardiolRx™, its lead drug candidate, for the prevention of recurrent pericarditis. This trial, known as MAVERIC, follows positive results from the Phase II MAvERIC-Pilot study, which showed significant reductions in pericarditis pain and inflammation. The U.S. FDA has granted Orphan Drug Designation to CardiolRx™ for this indication, highlighting its potential as a treatment for this rare condition. In addition to the progress in pericarditis treatment, Cardiol Therapeutics has completed patient enrollment for the ARCHER Phase II study, which investigates CardiolRx’s efficacy in treating acute myocarditis, with topline data expected in the second quarter of 2025.
Furthermore, the company has reported advancements in the development of CRD-38, a subcutaneous formulation of cannabidiol aimed at treating heart failure with preserved ejection fraction. Cardiol Therapeutics has also nominated Dr. Timothy J. Garnett, a former Chief Medical (TASE:BLWV) Officer of Eli Lilly (NYSE:LLY), for election to its Board of Directors, bringing extensive experience in pharmaceutical development. H.C. Wainwright has maintained a Buy rating on Cardiol Therapeutics, with a price target of $9.00, reflecting confidence in the company’s ongoing clinical trials and the potential of CardiolRx™. The company’s financial position appears stable, with cash and cash equivalents totaling $30.6 million as of December 31, 2024, expected to fund operations into the third quarter of 2026.
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