Shares of the Cardiol Therapeutics Inc. (CRDL) stock were rising in the premarket today on November 26, 2021. CRDL stock price saw a push of 6.79% to reach $2.36 a share at the time of this writing. The stock was also green in the previous trade and went up by 8.33% at closing. Let’s deep dive to understand the reason behind this bull.
There is no announcement or press release by the CRDL stock to support the bullish sentiment. No analysts’ upgrades or increased targeted per share price of the CRDL stock has been reported in recent times. It seems that sentiment is positive for the Cardiol stock in the social media platforms like Reddit, Stock Twits and Twitter, etc. So, what do you need to know at this point? Let’s take a closer look at some recent events of this stock.
Cardiol Therapeutics Inc is striving to develop anti-inflammatory disease therapies to treat patients suffering from cardiovascular diseases. CardiolRx is its lead product for hospitalized COVID-19 patients. The company has a market value of $131.05 million and 978,014 average trading volume.
Public Offering by CRDL stock:
CRDL stock on November 03, 2021, did announce the pricing of the public offering of its 16,350,000 units. The per-unit public price was US$3.07 and the total gross proceeds under this offering were US$50,194,500 before excluding the underwriter discounts and other offering-related expenses. Each unit consisted of Class A common share of CRDL stock and one-half of one Class A common share purchase warrant of the stock. The offering closed on November 05, 2021.
The net proceeds from this offering will finance the clinical research and development programs of the company. Part of the proceeds will be used for additional product development and general corporate purposes.
CRDL stock: Activity in October
On October 25, 2021, Health Canada approved a Phase II, multi-center, double-blind, randomized, placebo-controlled trial of the CRDL stock. The purpose of the trial is to evaluate the safety and tolerability of CardiolRx™. Moreover, the study team will also observe its impact on myocardial recovery patients with acute myocarditis.
So far so good for CRDL stock as far as market sentiment is concerned. It would be interesting to see how long this trend will continue. From an investment perspective, it is better to do deep research before adding this stock to the portfolio.