Anebulo Pharmaceuticals (NASDAQ:ANEB) Trading 1.9% Higher - Should You Buy?

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB - Get Free Report) was up 1.9% on Wednesday . The company traded as high as $1.75 and last traded at $1.60. Approximately 37,612 shares changed hands during mid-day trading, an increase of 92% from the average daily volume of 19,582 shares. The stock had previously closed at $1.57.

Analyst Ratings Changes

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

Anebulo Pharmaceuticals Price Performance

The company has a market capitalization of $67.38 million, a PE ratio of -6.31 and a beta of -0.98. The firm has a 50-day moving average of $1.34 and a two-hundred day moving average of $1.34.

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

Hedge Funds Weigh In On Anebulo Pharmaceuticals

Several institutional investors have recently added to or reduced their stakes in ANEB. 22NW LP boosted its stake in shares of 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 acquiring an additional 10,101,010 shares in the last quarter. Nantahala Capital Management LLC lifted its stake in Anebulo Pharmaceuticals by 494.1% in the 4th quarter. Nantahala Capital Management LLC now owns 3,036,325 shares of the company's stock valued at $5,101,000 after buying an additional 2,525,252 shares in the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in Anebulo Pharmaceuticals in the 1st quarter valued at approximately $62,000. Institutional investors and hedge funds own 28.40% of the company's stock.

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.