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.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
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