Anebulo Pharmaceuticals (NASDAQ:ANEB) Trading Down 1.3% - Here's What Happened

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Get Free Report) shares were down 1.3% during trading on Tuesday . The stock traded as low as $1.48 and last traded at $1.50. Approximately 2,787 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 18,206 shares. The stock had previously closed at $1.52.

Analyst Ratings Changes

Separately, Maxim Group cut their price objective on Anebulo Pharmaceuticals from $6.00 to $3.00 and set a "buy" rating for the company in a research report on Thursday, May 15th.

Anebulo Pharmaceuticals Trading Up 2.8%

The firm's 50-day moving average is $1.17 and its two-hundred day moving average is $1.31. The stock has a market cap of $59.98 million, a price-to-earnings ratio of -5.62 and a beta of -1.15.

Anebulo Pharmaceuticals (NASDAQ:ANEB - Get Free Report) last posted its quarterly earnings data 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, analysts predict that Anebulo Pharmaceuticals, Inc. will post -0.52 earnings per share for the current year.

Institutional Trading of Anebulo Pharmaceuticals

Several large investors have recently made changes to their positions in ANEB. Goldman Sachs Group Inc. purchased a new position in Anebulo Pharmaceuticals in the 1st quarter valued at $62,000. 22NW LP lifted its stake in shares of Anebulo Pharmaceuticals by 188.2% in the fourth 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 in the last quarter. Nantahala Capital Management LLC lifted its stake in shares of Anebulo Pharmaceuticals by 494.1% in the fourth quarter. Nantahala Capital Management LLC now owns 3,036,325 shares of the company's stock worth $5,101,000 after buying an additional 2,525,252 shares in the last quarter. Finally, King Luther Capital Management Corp purchased a new stake in Anebulo Pharmaceuticals during the 4th quarter valued at about $100,000. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Anebulo Pharmaceuticals Company Profile

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.