Analyst Vernon Bernardino of H.C. Wainwright reiterated a Buy rating on Cardiol Therapeutics (CRDL – Research Report), retaining the price target of $9.00.
Vernon Bernardino has given his Buy rating due to a combination of factors related to the promising potential of Cardiol Therapeutics’ CRD-38. This compound, a proprietary formulation of cannabidiol, has shown significant cardioprotective effects in preclinical models. The research, published in a reputable journal, suggests that CRD-38 effectively improves cardiac function and reduces negative cardiac changes, such as hypertrophy and inflammation, which are critical issues in heart failure treatment.
CRD-38 targets heart failure with preserved ejection fraction (HFpEF), a condition with high hospitalization and mortality rates. The compound’s ability to maintain heart muscle cell function and mitochondrial health positions it as a novel treatment approach for HFpEF, addressing a substantial market need. Although the development is still in its early stages, the analyst views the potential market impact and positive preclinical results as strong reasons for the Buy rating and a $9 price target, despite acknowledging the risks associated with clinical trial success and regulatory hurdles.
Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CRDL in relation to earlier this year.