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

Artelo Biosciences, Inc. (NASDAQ:ARTL) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 192,700 shares, a decrease of 43.9% from the May 15th total of 343,500 shares. Currently, 5.9% of the shares of the company are sold short. Based on an average daily trading volume, of 397,900 shares, the days-to-cover ratio is currently 0.5 days.

Artelo Biosciences Price Performance

Shares of ARTL traded down $0.23 during trading hours on Tuesday, hitting $6.17. The stock had a trading volume of 5,759 shares, compared to its average volume of 23,214. Artelo Biosciences has a 52 week low of $4.92 and a 52 week high of $9.30. The stock has a market capitalization of $20.24 million, a price-to-earnings ratio of -2.15 and a beta of 1.03. The company’s fifty day moving average is $6.10 and its two-hundred day moving average is $6.36.

Artelo Biosciences (NASDAQ:ARTL) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($4.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.78) by ($3.54). Equities analysts predict that Artelo Biosciences will post -2.62 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have commented on ARTL shares. HC Wainwright restated a “buy” rating and set a $30.00 price target on shares of Artelo Biosciences in a research report on Tuesday, March 4th. D. Boral Capital reiterated a “buy” rating and issued a $36.00 target price on shares of Artelo Biosciences in a research note on Friday, June 6th. Finally, D Boral Capital downgraded Artelo Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 11th. One analyst has rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Artelo Biosciences currently has an average rating of “Buy” and a consensus target price of $33.00.

About Artelo Biosciences

Artelo Biosciences, Inc, a clinical stage biopharmaceutical company, develops and commercializes therapeutics that target lipid-signaling pathways in the United States. It's product candidate pipeline includes ART27.13, a synthetic dual cannabinoid G protein-coupled receptor agonist, which is in Phase 1b/2a clinical trial for the treatment of anorexia associated with cancer; ART12.11, a synthetic cannabidiol cocrystal for the treatment anxiety, post-traumatic stress disorder, epilepsy, inflammatory bowel disease, and other potential indications; and ART26.12, a fatty acid binding protein 5 inhibitor for treating chemotherapy induced peripheral neuropathy, diabetic neuropathy, prostate cancer and breast cancer, pain, dermatologic conditions, and anxiety disorders.