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 3.60 price target.

Cardiol Therapeutics (Cardiol) has completed >50% of patient recruitment for CardiolRx’s two lead indications, acute myocarditis (AM) and recurrent pericarditis (RP). Enrolment of the planned 100 patients for the ongoing international phase II trial in AM is progressing rapidly. Enrolment of the planned 25 patients for the ongoing phase II pilot study in RP has taken some time to gain traction. However, we now expect enrolment to progress faster leading to 100% completion within the next few weeks. We anticipate the company will report topline results in early Q2 2024 and meet with the FDA shortly thereafter to obtain approval for immediate initiation of a phase III trial. The announcement of this data would be a major near-term catalyst for the stock. We continue to see Cardiol as an attractive investment opportunity. We reiterate our Buy recommendation and price target of USD 3.60 (€3.30).