Vernon Bernardino, an analyst from H.C. Wainwright, has initiated a new Buy rating on Cardiol Therapeutics (CRDL).
Vernon Bernardino has given his Buy rating due to a combination of factors pertaining to the potential of Cardiol Therapeutics’ lead product, CardiolRx. Bernardino recognizes CardiolRx as a promising treatment candidate for recurrent pericarditis (RP) and acute myocarditis (AM), diseases with substantial unmet medical needs. He notes that CardiolRx is currently in Phase 2 development and has the potential to achieve blockbuster status, with projected peak annual sales exceeding $1.3 billion. The optimism is further bolstered by Cardiol’s strategic and evidence-based approach to clinical development, which creates a significant competitive barrier to entry for other treatments.
Bernardino’s rating also takes into account the imminent release of Phase 2 trial results, which he anticipates will serve as a positive catalyst for the company’s stock. Furthermore, he highlights the limitations and high costs associated with the current FDA-approved treatment for RP, positioning CardiolRx as a safer and potentially more accessible alternative. Given the high prevalence and recurrence of pericarditis, and the substantial costs associated with hospitalization, Bernardino sees a considerable market opportunity for CardiolRx. He views Cardiol’s strategic positioning and the upcoming trial results as key drivers for the Buy recommendation.
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Cardiol Therapeutics (CRDL) Company Description:
Cardiol Therapeutics, Inc. is a biotechnology company, which engages in the research and commercial development of pharmaceutical cannabidiol products and targeted therapies for inflammatory diseases. Its products pipelines include heart failure products, glioblastoma multiforme and pharmaceutical cannabidol. The company was founded by David Elsley, Eldon Smith, and Anthony Bolton on January 19, 2017 and is headquartered in Oakville, Canada.
