Maxim Group Lowers Anebulo Pharmaceuticals (NASDAQ:ANEB) Price Target to $3.00

Anebulo Pharmaceuticals (NASDAQ:ANEB) had its target price dropped by research analysts at Maxim Group from $6.00 to $3.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Maxim Group’s price objective would suggest a potential upside of 194.12% from the company’s current price.

Anebulo Pharmaceuticals Stock Performance

Shares of NASDAQ ANEB opened at $1.02 on Thursday. Anebulo Pharmaceuticals has a 1 year low of $0.80 and a 1 year high of $3.08. The stock’s 50-day simple moving average is $1.20 and its 200-day simple moving average is $1.38. The firm has a market cap of $41.91 million, a price-to-earnings ratio of -3.64 and a beta of -1.12.

Anebulo Pharmaceuticals (NASDAQ:ANEB) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.01. As a group, research analysts predict that Anebulo Pharmaceuticals will post -0.52 EPS for the current year.

Hedge Funds Weigh In On Anebulo Pharmaceuticals

Large investors have recently modified their holdings of the stock. 22NW LP raised its stake 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 buying an additional 10,101,010 shares in the last quarter. Nantahala Capital Management LLC increased its holdings in shares of 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 acquiring an additional 2,525,252 shares during the last quarter. King Luther Capital Management Corp acquired a new stake in shares of Anebulo Pharmaceuticals during the 4th quarter valued at approximately $100,000. Finally, Goldman Sachs Group Inc. bought a new position in Anebulo Pharmaceuticals during the first quarter worth $62,000. 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.