Anebulo Pharmaceuticals (NASDAQ:ANEB) Stock Price Down 0.8% - Time to Sell?

Key Points

• Anebulo Pharmaceuticals' stock price decreased by 0.8%, trading at $2.50 with a significant drop in trading volume, down 76% from the average.
• Analyst ratings have shifted, with Maxim Group downgrading the stock from a "strong-buy" to a "hold", while the consensus rating stands at "Moderate Buy" with a price target of $5.50.
• A hedge fund, 22NW LP, increased its stake in Anebulo Pharmaceuticals by 188.2%, making it the fund's second-largest position with a total ownership of approximately 28.40% of the stock.

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Get Free Report)'s share price traded down 0.8% during mid-day trading on Friday . The company traded as low as $2.46 and last traded at $2.50. 25,583 shares were traded during trading, a decline of 76% from the average session volume of 106,830 shares. The stock had previously closed at $2.52.

Analysts Set New Price Targets

Separately, Maxim Group downgraded shares of Anebulo Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 23rd. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $5.50.

Anebulo Pharmaceuticals Price Performance

The firm has a market cap of $98.18 million, a price-to-earnings ratio of -9.19 and a beta of -0.89. The company's 50 day simple moving average is $2.30 and its 200 day simple moving average is $1.59.

Institutional Investors Weigh In On Anebulo Pharmaceuticals

A hedge fund recently bought a new stake in Anebulo Pharmaceuticals stock. Goldman Sachs Group Inc. purchased a new stake in Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 47,954 shares of the company's stock, valued at approximately $62,000. Goldman Sachs Group Inc. owned about 0.12% of Anebulo Pharmaceuticals at the end of the most recent reporting 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.