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Cardiol wins huge price target raise at Leede Jones Gable

CRDL stock

Following the company’s receipt of positive clinical data, Leede Jones Gable analyst Douglas Loe has raised his price target on Cardiol Therapeutics (Cardiol Therapeutics Stock Quote, Chart, News, Analysts, Financials TSX:CRDL).

On June 13, CRDL released eight week clinical data from from its phase II open-label MAvERIC pilot study that the company said “ubstantial reduction in the primary efficacy endpoint of patient-reported pericarditis pain at the end of the 8-week treatment period”.

“We are delighted to share the primary endpoint data from the MAvERIC-Pilot study, demonstrating that oral administration of our small molecule CardiolRx(TM) led to marked reductions in pericarditis pain and inflammation, which were remarkably comparable in magnitude to the changes reported following immunosuppressive biologic therapy commonly used in third-line treatment of recurrent pericarditis,” said David Elsley, Cardiol Therapeutics’ President and Chief Executive Officer. “Based on the clinically meaningful impact of CardiolRx(TM) on the key symptom of this debilitating disease, we now anticipate that the totality of the MAvERIC-Pilot data will support advancing to a Phase III trial of CardiolRx(TM) designed to meet our objective of providing a more accessible and non-immunosuppressive therapy option for thousands of pericarditis patients.”

Loe summarized the development.

“ON-based cardiovascular disease-focused small-molecule drug developer Cardiol Therapeutics reported positive Phase II data from the 27-patient open-label recurrent pericarditis (MAvERIC) trial,” he wrote. “Data nicely showed that the firm’s flagship ultrapure orally active cannabidiol (CBD) formulation CardiolRx conferred substantial impact on pericarditis pain reduction and on C-reactive protein reduction (CRP, a serumderived marker for systemic inflammation) from baseline at eight-week follow-up. The trial was not placebo-controlled nor directly compared to patients treated with an alternative already-approved immune therapy rilonacept (Kiniksa’s [KNSA-Q, NR] Arcalyst; FQ124 sales US$78.9M). But interestingly, CardiolRx-treated patients responded comparably over the eight-week duration to rilonacept as documented in Kiniksa’s published (in the New England Journal of Medicine) 86-patient Phase III RHAPSODY trial and we view that comparison as additionally positive for CardiolRx even before considering how positive we believe the drug performed in MAvERIC in absolute terms.”

In a research update to clients June 14, Loe maintained his “Speculative Buy” rating on CRDL but raised his price target from $4.50 to $11.00, implying a return of 170% at the time of publication.

The analyst thinks CRDL will post EBITDA of negative $28.8-million on zero revenue in fiscal 2026. He expects those numbers will improve to EBITDA of positive $27.8-million on revenue of $56.8-million i fiscal 2027.

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About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
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