Shares of the Artelo Biosciences, Inc. (ARTL) stock were popping high in the premarket today on November 2, 2021. ARTL stock price saw a push of 19.54% to reach $1.04 a share at the time of this writing. The stock was also green in the previous trade and went up by 19.54% at closing. Let’s discuss more about this stock.
Artelo Biosciences, Inc develops and commercializes treatments in order to modulate the endocannabinoid system. The stock has a market value of $21.31 million and a 4,143,526 average trading volume.
What’s Happening?
There seems no press release or any announcement by the ARTL stock to justify the bullish sentiment. However, Vernon Bernardino, an analyst at H.C Wainwright recently rated the ARTL stock “Buy” and set the $4 price target. This represents approximately a 459.0% premium to the last closing price.
Vernon Bernardino thinks that ART27.13 which is the lead candidate of the ARTL stock is potential enough to be the first FDA-approved therapy for Cancer Anorexia and Cachexia Syndrome (CACS). Moreover, ART26.12, which is the cancer treatment, has shown well resistance against tumor cells. Bernardino also pointed the elimination of CBD polymorphisms via ART12.11, a cocrystal of cannabidiol (CBD) and tetramethylpyrazine (TMP).
Publication of Study Results by ARTL stock:
On August 04, 2021, ARTL stock did announce the publication of study results in a peer-reviewed journal Medical Cannabis and Cannabinoids. In the publication, ARTL stock discussed the comparison between the Vitro effects of purified natural and synthetic forms of Cannabidiol. The study team did not find a significant in-vitro pharmacological difference between purified natural versus synthetic CBD.
Financial View of ARTL stock:
- In the third quarter of fiscal 2021 ended May 31, 2021, ARTL stock spent $2,251,412 operating expenses. This compares to the $951,395 operating expenses in the same quarter of last year. The operating expenses include research and development expenses, general and administrative expenses, and professional fees for regulatory requirements.
- Artelo stock suffered a net loss of $2,249,792, or $0.10 per basic and diluted share in the third quarter of fiscal 2021. The previous year’s same period net loss for the stock was $951,191, or $0.27 per basic and diluted share.
- By the end third quarter of fiscal 2021, Artelo stock had $10,052,288 in cash and cash equivalents.
Wrap Up:
Investors are responding positively to the Artelo stock after the analyst Vernon Bernardino rated this stock “Buy”. The stock is progressing with time and can be a good bet for investors in the long run.
