Analyst Edward Nash from Canaccord Genuity maintained a Buy rating on Cardiol Therapeutics (CRDL – Research Report) and keeping the price target at $8.00.
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Edward Nash has given his Buy rating due to a combination of factors related to Cardiol Therapeutics’ promising developments in treating recurrent pericarditis. The recent strong sales performance of Arcalyst, a drug by Kiniksa Pharmaceuticals, indicates a growing market potential for treatments in this area. Cardiol Therapeutics is advancing its own treatment, CardiolRx, which aims to offer a non-immunosuppressive option, potentially reducing the risk of relapse compared to existing therapies.
CardiolRx is currently undergoing a pivotal Phase III trial, which is designed to evaluate its effectiveness in preventing new episodes of recurrent pericarditis. The trial’s design and the promising results from earlier Phase II studies suggest that CardiolRx could achieve significant market success if approved. These factors, combined with the company’s strategic positioning and the unmet need in the market, underpin Nash’s optimistic outlook and the Buy rating with a price target of $8.
According to TipRanks, Nash is a 5-star analyst with an average return of 9.9% and a 42.55% success rate. Nash covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Verona Pharma, and Travere Therapeutics.
In another report released on April 17, H.C. Wainwright also reiterated a Buy rating on the stock with a $9.00 price target.