H.C. Wainwright analyst Vernon Bernardino reiterated a Buy rating on Cardiol Therapeutics (CRDL – Research Report) today and set a price target of $9.00.
Vernon Bernardino has given his Buy rating due to a combination of factors including the significant progress Cardiol Therapeutics has made with its CardiolRx product. The enrollment of the first patient in the MAVERIC Phase 3 trial marks a crucial step in the clinical evaluation of CardiolRx, which is aimed at treating recurrent pericarditis, a condition with limited treatment options. The trial’s design, informed by positive insights from the MAvERIC-Pilot study, aims to assess the effectiveness of CardiolRx in preventing pericarditis recurrence, potentially filling an unmet medical need.
Furthermore, the company’s successful End-of-Phase 2 meeting with the FDA supports the potential for CardiolRx to receive approval, which would be a significant milestone. Bernardino’s valuation also considers the projected financial performance of Cardiol Therapeutics, using a 15% weighted-average cost of capital and a 2% terminal growth rate, while acknowledging risks such as clinical trial outcomes and regulatory hurdles. Overall, these factors underpin the Buy rating and the $9 price target.
In another report released on April 1, Canaccord Genuity also maintained a Buy rating on the stock with a $8.00 price target.