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 announced the peer-reviewed publication of the complete Phase II MAvERIC dataset in the Journal of the American Heart Association (JAHA), one of the world’s leading cardiovascular journals. The publication confirms the previously reported efficacy and safety results while providing the complete scientific analysis underpinning the ongoing pivotal Phase III MAVERIC trial in recurrent pericarditis (RP). Specifically, it confirms the previously disclosed median time to pain relief of five days, reduction in mean pain score from 5.8 to 2.1 after eight weeks, CRP normalisation in 80% of patients with elevated baseline CRP, that 71% of patients remain recurrence-free during the extension period and a reduction in pericarditis episodes per year from 5.8 to 0.9 (~84% reduction), together with a favourable safety profile. While the publication contains no material new efficacy data, peer-reviewed publication in JAHA provides independent scientific validation of the Phase II programme and additional clinical context ahead of completion of the Phase III MAVERIC enrolment expected in Q3/26 and the subsequent Phase III read-out (FBe: Q1/27). We reiterate our Buy recommendation and USD7.50 price target (upside of >500%).