Artelo Biosciences downgraded to Hold from Buy at D. Boral Capital

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.