Anebulo Pharmaceuticals (NASDAQ:ANEB) Shares Down 11.1% - What's Next?

Key Points

• Shares of Anebulo Pharmaceuticals (NASDAQ:ANEB) fell by 11.1%, reaching a low of $2.35 during trading, with a significant decrease in volume to 217,663 shares, compared to an average of 1,152,244 shares.
• The company's stock rating was downgraded from a "strong-buy" to a "hold" by Maxim Group, impacting investor sentiment.
• Institutional investors have been active, with significant purchases and increased stakes, leading to 28.40% of the stock now owned by institutional investors, indicating potential confidence in the company despite the recent decline.

Shares of Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Get Free Report) dropped 11.1% during mid-day trading on Thursday . The company traded as low as $2.35 and last traded at $2.40. Approximately 217,663 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 1,152,244 shares. The stock had previously closed at $2.70.

Analysts Set New Price Targets

Separately, Maxim Group downgraded Anebulo Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 23rd.

Anebulo Pharmaceuticals Trading Down 11.1%

The firm has a market capitalization of $98.60 million, a P/E ratio of -9.23 and a beta of -0.88. The company has a 50 day simple moving average of $1.82 and a two-hundred day simple moving average of $1.45.

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

Institutional Investors Weigh In On Anebulo Pharmaceuticals

Several large investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. bought a new position in shares of Anebulo Pharmaceuticals during the 1st quarter valued at approximately $62,000. Nantahala Capital Management LLC raised its stake in Anebulo Pharmaceuticals by 494.1% during 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 in the last quarter. Finally, 22NW LP lifted its position in Anebulo Pharmaceuticals by 188.2% during the fourth quarter. 22NW LP now owns 15,467,300 shares of the company's stock valued at $25,985,000 after purchasing an additional 10,101,010 shares during the last quarter. 28.40% of the stock is owned by institutional investors.

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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