Anebulo Pharmaceuticals (NASDAQ:ANEB) Downgraded by Maxim Group to "Hold"

Anebulo Pharmaceuticals (NASDAQ:ANEB - Get Free Report) was downgraded by investment analysts at Maxim Group from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Wednesday, July 23rd, Marketbeat Ratings reports.

Anebulo Pharmaceuticals Stock Performance

ANEB traded down $0.18 on Wednesday, reaching $2.88. The company had a trading volume of 337,878 shares, compared to its average volume of 174,116. The company's fifty day moving average is $1.59 and its 200 day moving average is $1.39. The stock has a market cap of $118.31 million, a P/E ratio of -11.08 and a beta of -0.98. Anebulo Pharmaceuticals has a fifty-two week low of $0.80 and a fifty-two week high of $3.42.

Anebulo Pharmaceuticals (NASDAQ:ANEB - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.01. On average, sell-side analysts expect that Anebulo Pharmaceuticals will post -0.52 EPS for the current year.

Institutional Investors Weigh In On Anebulo Pharmaceuticals

A number of large investors have recently bought and sold shares of ANEB. Goldman Sachs Group Inc. acquired a new stake in shares of Anebulo Pharmaceuticals in the 1st quarter valued at approximately $62,000. 22NW LP boosted its position in Anebulo Pharmaceuticals by 188.2% during the 4th quarter. 22NW LP now owns 15,467,300 shares of the company's stock worth $25,985,000 after buying an additional 10,101,010 shares during the period. Finally, Nantahala Capital Management LLC increased its holdings in Anebulo Pharmaceuticals by 494.1% in the fourth quarter. Nantahala Capital Management LLC now owns 3,036,325 shares of the company's stock valued at $5,101,000 after purchasing an additional 2,525,252 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

About Anebulo Pharmaceuticals

Anebulo Pharmaceuticals, Inc, a clinical-stage biotechnology company, engages in developing solutions for people suffering from acute cannabinoid intoxication (ACI) and substance addiction. The company's lead product candidate is ANEB-001, a small molecule cannabinoid receptor antagonist, which is in a Phase II clinical trial to address the unmet medical need for a specific antidote for ACI.