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Investing.com - D. Boral (OTC:BOALY) Capital upgraded Artelo Biosciences (NASDAQ:ARTL) from Hold to Buy and set a price target of $20.00. The stock, currently trading at $14.32, has surged over 50% in the past week. According to InvestingPro analysis, the company appears overvalued at its current market capitalization of $9.79 million.
The upgrade follows D. Boral Capital’s model adjustments that incorporate Artelo’s recently completed reverse stock split, according to the research firm.
D. Boral Capital views Artelo as an emerging biotechnology company with a focus on developing treatments for cachexia and chemotherapy-induced peripheral neuropathy (CIN).
The firm highlighted ART27.13, Artelo’s lead program currently in Phase 2 development, which is a selective Benzimadazole agonist acquired from Astra-Zeneca.
D. Boral Capital also noted ART26.12 as Artelo’s second asset, which was licensed from the University of Stonybrook.
In other recent news, Artelo Biosciences, Inc. reported promising preclinical data for its CBD and TMP cocrystal drug candidate, ART12.11, at a symposium. The data showed that ART12.11 demonstrated antidepressant-like effects in animal studies, comparable to sertraline, a commonly used antidepressant. The compound improved behavioral markers of depression and reversed cognitive impairments, suggesting potential as a novel treatment for depression and anxiety. Additionally, Artelo announced favorable results from its first-in-human study of ART26.12, a new pain management drug. The Phase 1 study demonstrated a strong safety profile with no drug-related adverse events and predictable pharmacokinetics. Artelo plans to further evaluate ART26.12 with a Multiple Ascending Dose study later this year. Moreover, the company raised approximately $1.425 million through a private placement agreement to fund ongoing clinical studies and other corporate needs. This funding will support clinical data announcements for ART26.12 and a phase 2 study for another drug, ART27.13.
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