Artelo Biosciences, Inc. (NASDAQ:ARTL) Sees Large Drop in Short Interest

Artelo Biosciences, Inc. (NASDAQ:ARTL) was the target of a significant decrease in short interest in June. As of June 15th, there was short interest totaling 136,611 shares, a decrease of 37.6% from the May 31st total of 218,904 shares. Approximately 6.1% of the shares of the company are short sold. Based on an average daily volume of 333,325 shares, the days-to-cover ratio is currently 0.4 days.

Artelo Biosciences Stock Down 1.4%

ARTL traded down $0.01 during midday trading on Thursday, reaching $1.08. 51,136 shares of the company’s stock were exchanged, compared to its average volume of 2,232,117. The firm has a market capitalization of $2.53 million, a price-to-earnings ratio of -0.03 and a beta of -0.11. Artelo Biosciences has a one year low of $1.03 and a one year high of $85.80. The business has a 50-day simple moving average of $1.92 and a two-hundred day simple moving average of $3.87.

Artelo Biosciences (NASDAQ:ARTL) last released its quarterly earnings data on Thursday, May 14th. The company reported ($4.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.78) by ($3.22).

Wall Street Analysts Forecast Growth

ARTL has been the subject of several research reports. Wall Street Zen raised Artelo Biosciences from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Artelo Biosciences in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $54.00.

About Artelo Biosciences

Artelo Biosciences, Inc is a clinical-stage biopharmaceutical company focused on the development of novel small-molecule therapies for pain, inflammation, ocular and cardiometabolic disorders. The company leverages a proprietary drug delivery and targeting platform designed to enhance the safety and efficacy profiles of well-characterized active pharmaceutical ingredients. Artelo’s approach is centered on repurposing and optimizing therapeutic molecules to address significant unmet medical needs, with particular emphasis on improving patient tolerability and clinical outcomes.

The company’s lead program, AB101, is an orally bioavailable ion channel modulator in development for neuropathic pain conditions including post-herpetic neuralgia.