Artelo Biosciences (NASDAQ:ARTL) has been in the thick of action in recent days and the company’s stock has managed to generate gains of as much as 45% over the course of the past week.
Trading Data
On Wednesday, ARTL stock increased 3.01% at $1.0300 with more than 20.37 million shares, compared to its average volume of 5.19 million shares. The stock has moved within a range of $0.8745 – 1.0700 after opening the trade at $0.9300.
Analyst Upgrade
As a matter of fact, the stock is on the move in the premarket trading period as well and has clocked gains of as much as 15% so far. The main trigger behind the rally in the stock came about after it emerged that the firm H.C. Wainwright started covering Artelo and recommended it as a ‘buy’. In addition to that, the target price for the stock in 12 months was set at $4 a share and at the time of the recommendation, it reflected an upside of around 459%.
Vernon Bernandino, the analyst at the firm, stated that the company could come up with the first Cancer Anorexia and Cachexia Syndrome therapeutic in the form of its product ART2713. In addition to that, he noted that the therapy could also help in enhancing appetite and weight in patients who might be suffering from cancer. At this point in time, it could be a good move to keep the stock in your watch lists and keep an eye on further developments.
Traders Corner
ARTL stock is trading above the 20-Day and 50-Day Moving averages of $0.81 and $0.82 respectively. However, the stock is trading below 200-Day moving average of $1.22. The stock is up 32% in the past month.
