Cardiol Therapeutics Inc Receives Updated 'Buy' Rating from First Berlin Equity Research

First Berlin Equity Research has updated its coverage on Cardiol Therapeutics Inc (ISIN: CA14161Y2006). Analyst Christian Orquera reiterated a 'Buy' rating and significantly raised the price target from USD 3.60 to USD 8.50.

The update follows promising topline results from Cardiol’s phase II open-label US pilot study (MAvERIC-Pilot) for CardiolRx, its lead drug candidate for treating recurrent pericarditis (RP). CardiolRx showed efficacy on two key endpoints comparable to FDA-approved rilonacept (Arcalyst) but with a potentially better tolerability and side effect profile.

Given its demonstrated benefits and expected approval, CardiolRx could become a second-line RP therapy. With rilonacept generating USD 233 million in its third year post-approval, CardiolRx is anticipated to exceed this revenue figure due to its strong efficacy and tolerability. The updated valuation incorporates potential EU market expansion, leading to a higher price target of USD 8.50 (€7.80).