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Investing.com - D. Boral Capital downgraded Artelo Biosciences, Inc. (NASDAQ:ARTL) from Buy to Hold on Monday, as the stock trades near its 52-week low of $4.20 after plunging over 51% in the past week.
The research firm cited uncertainty following the company’s recent $3 million capital raise, which came shortly after what it described as a "confusing crypto-related initiative."
D. Boral Capital expressed concern that small, dilutive raises could create a cycle of downward pressure on Artelo’s valuation, particularly problematic for an early-stage biotech company.
The firm noted that additional fundraising may be required before key clinical milestones are achieved, potentially increasing investor risk.
D. Boral Capital stated it is maintaining a "watchful stance" as Artelo works to clarify its strategy and execution, highlighting that operational inconsistency leaves investors exposed until the company demonstrates clear progress.
In other recent news, Artelo Biosciences , Inc. has completed a public offering of its common stock, raising approximately $3 million in gross proceeds. The offering included 640,924 shares of common stock priced at $4.40 per share and pre-funded warrants to purchase up to 40,894 shares at $4.399 per warrant. This development follows the company’s earlier announcement of the offering’s launch, with R.F. Lafferty & Co., Inc. acting as the sole book-running manager. Additionally, Artelo Biosciences reported interim results from its Phase 2 Cancer Appetite Recovery Study (CAReS) for ART27.13, a cannabinoid receptor agonist aimed at treating cancer anorexia-cachexia syndrome. The study showed promising results, with patients receiving the 1300 microgram dose achieving a mean weight gain of 6.38% after 12 weeks, compared to a 5.42% average weight loss in the placebo group. The maximum weight gain observed in the trial was 18.5% with ART27.13, while the placebo group saw only a 0.4% increase. These recent developments highlight Artelo Biosciences’ ongoing efforts in both financial and clinical advancement.
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