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.
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