Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) Sees Large Decline in Short Interest

Key Points

• Anebulo Pharmaceuticals experienced a significant decline in short interest, dropping by 51.3% from 404,300 shares to 196,700 shares as of September 30th.
• Wall Street analysts have a consensus rating of "Hold" for Anebulo, with an average target price set at $5.50, although their ratings vary from Buy to Sell.
• The company's stock rose by 5.6% recently, standing at $2.66, with a 52-week range between $0.80 and $3.42.

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Get Free Report) saw a significant decline in short interest in September. As of September 30th, there was short interest totaling 196,700 shares, a decline of 51.3% from the September 15th total of 404,300 shares. Currently, 0.8% of the shares of the company are sold short. Based on an average daily volume of 419,000 shares, the days-to-cover ratio is presently 0.5 days. Based on an average daily volume of 419,000 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.8% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on ANEB. Maxim Group cut Anebulo Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Anebulo Pharmaceuticals in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $5.50.

Anebulo Pharmaceuticals Stock Up 5.6%

Anebulo Pharmaceuticals stock opened at $2.66 on Monday. Anebulo Pharmaceuticals has a 52 week low of $0.80 and a 52 week high of $3.42. The business has a 50-day simple moving average of $2.44 and a 200 day simple moving average of $1.81. The stock has a market cap of $109.27 million, a price-to-earnings ratio of -10.23 and a beta of -0.89.

Anebulo Pharmaceuticals (NASDAQ:ANEB - Get Free Report) last posted its earnings results on Monday, September 29th. The company reported ($0.05) EPS for the quarter, hitting the consensus estimate of ($0.05). On average, research analysts anticipate that Anebulo Pharmaceuticals will post -0.52 earnings per share for the current year.

Hedge Funds Weigh In On Anebulo Pharmaceuticals

A hedge fund recently bought a new stake in Anebulo Pharmaceuticals stock. Goldman Sachs Group Inc. bought a new position in shares of Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 47,954 shares of the company's stock, valued at approximately $62,000. Goldman Sachs Group Inc. owned approximately 0.12% of Anebulo Pharmaceuticals as of its most recent SEC filing. Hedge funds and other institutional investors own 28.40% of the company's stock.

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.

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