D. Boral Capital analyst Jason Kolbert downgraded Artelo Biosciences (ARTL) to Hold from Buy and removed the firm’s prior price target following the company’s “unexpected” $3M capital raise last week that came after what appeared to be an unsuccessful crypto-related strategy. Repeated attempts to reach management for clarification have been unsuccessful, notes the analyst, who cites the combination of “poor communication, a confusing strategic direction, and a dilutive capital raise” for the firm’s more cautious stance.
TipRanks Cyber Monday Sale
- Claim 60% off TipRanks Premium for data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ARTL:
- Artelo prices 640,924 shares at $4.40 in underwritten public offering
- Artelo Biosciences announces common stock, warrant offering, no amount given
- Artelo does not envision need to internally fund Phase 3 trial of ART27.13
- Artelo Biosciences announces interim Phase 2 CAReS results
- Artelo Biosciences Approves Common Stock Increase