H.C. Wainwright analyst Brandon Folkes maintained a Buy rating on Cardiol Therapeutics today and set a price target of $9.00.
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Brandon Folkes has given his Buy rating due to a combination of factors including the recent announcement by Cardiol Therapeutics regarding the database lock for their ARCHER trial. This trial, which is in Phase II, is investigating CardiolRx, a high-purity cannabidiol solution, for its efficacy in treating acute myocarditis. The announcement of the database lock and the expectation of topline results in the near future provide clarity and remove uncertainty about the trial’s timeline, which is seen as a positive development.
Folkes believes that the current market capitalization of Cardiol Therapeutics does not reflect the potential of a successful ARCHER trial, which could significantly boost the company’s revenue. The potential for CardiolRx to address broader cardiovascular indications and the promising prospects of CRD-38 for heart failure further enhance the company’s value proposition. If successful, these programs could attract strategic interest from larger pharmaceutical companies, given the substantial market opportunities they represent.
According to TipRanks, Folkes is an analyst with an average return of -6.3% and a 33.46% success rate. Folkes covers the Healthcare sector, focusing on stocks such as Omeros, Trevi Therapeutics, and Milestone Pharmaceuticals.