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) announced that the FDA has granted Orphan Drug Designation (ODD) in the US for its lead drug candidate CardiolRx for the treatment of pericarditis, including recurrent pericarditis (RP). Importantly, the FDA’s decision was based on pre-clinical data as well as initial clinical data from the ongoing RP phase II study. This is excellent news, as in our view it indicates that the undisclosed data from the phase II study that was reported to the FDA is in all likelihood favourable. Based on this encouraging news, we see our positive assessment of CardiolRx’s prospects in RP confirmed. The ODD will provide the company with attractive benefits, including seven years of market exclusivity. In addition, the company announced the completion of patient enrolment in the phase II RP study and confirmed that topline results are expected to be published in Q2 2024. We reiterate our Buy recommendation and price target of USD 3.60 (€3.30).