First Berlin Equity Research has published a research update on Cardiol Therapeutics Inc. (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated his BUY rating and maintained his USD 7.50 price target.

Abstract
Cardiol has announced further expansion of its network for the ongoing Phase III MAVERIC trial in recurrent pericarditis (RP) in the US, with up to seven additional clinical centres planned for activation, bringing the total US site count to ~25. Enrolment has reached 75% (vs 50% at the January update), with management reiterating the Q2/26 full-enrolment target while introducing limited flexibility into Q3/26 to accommodate patient inflow from newly activated sites. The network includes some of the most prominent cardiovascular research institutions in the US: Cleveland Clinic, three Mayo Clinic campuses, Massachusetts General Hospital, Columbia University–NewYork-Presbyterian, NYU Langone Health, Lenox Hill Hospital/Northwell Health, Northwestern and Houston Methodist Hospital. In our view, the willingness of centres of this calibre to participate in MAVERIC as well as the addition of others at an advanced enrolment stage is a meaningful credibility signal: these institutions carry their own scientific reputation and their participation reflects genuine investigator conviction in both the therapeutic rationale and the unmet need in RP. The broader site footprint also enhances the geographic and institutional diversity of the dataset, a constructive attribute ahead of NDA submission. Assuming 24-week follow-up from full enrolment, we continue to model a Q4/26 headline data readout as our base case, with Q1/27 a manageable downside scenario should full enrolment extend into Q3/26. The MAVERIC readout remains, in our view, the primary value inflection point for the stock over the next 12 months. Based on unchanged estimates, we reiterate our Buy rating and USD 7.50 price target, implying upside of >470%.