Analyst Vernon Bernardino from H.C. Wainwright reiterated a Buy rating on Cardiol Therapeutics (CRDL – Research Report) and keeping the price target at $9.00.
Vernon Bernardino has given his Buy rating due to a combination of factors related to Cardiol Therapeutics’ recent advancements and promising clinical trial results. The company has made significant strides with its CardiolRx product, notably advancing it into a Phase 3 study following positive outcomes from the MAvERIC-Pilot Phase 2 study. This study demonstrated substantial improvements in pericarditis symptoms, including pain and inflammation, and showed a significant reduction in pericarditis episodes among patients.
Furthermore, the ongoing ARCHER trial, which is investigating CardiolRx in patients with acute myocarditis, is expected to be a critical catalyst. The trial’s design aims to evaluate the impact of CardiolRx on myocardial recovery, and early indications suggest potential benefits due to the known effects of CBD on myocarditis-induced fibrosis. These developments, along with the FDA Orphan Drug designation for CardiolRx, support Bernardino’s positive outlook and the reiteration of a $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.