Anebulo Pharmaceuticals (NASDAQ:ANEB) Trading Down 8.6% – Here’s Why

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB)’s stock price was down 8.6% during trading on Wednesday . The company traded as low as $0.3364 and last traded at $0.3364. Approximately 100 shares traded hands during mid-day trading, a decline of 100% from the average session volume of 39,886 shares. The stock had previously closed at $0.3680.

Anebulo Pharmaceuticals Price Performance

The stock has a market capitalization of $13.72 million, a P/E ratio of -1.77 and a beta of -1.83. The company’s 50 day simple moving average is $0.43 and its two-hundred day simple moving average is $0.67.

Institutional Investors Weigh In On Anebulo Pharmaceuticals

An institutional investor recently bought a new stake in Anebulo Pharmaceuticals stock. Goldman Sachs Group Inc. purchased a new stake in shares of Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 47,954 shares of the company’s stock, valued at approximately $62,000. Goldman Sachs Group Inc. owned approximately 0.12% of Anebulo Pharmaceuticals at the end of the most recent reporting period. 28.40% of the stock is owned by hedge funds and other institutional investors.

Anebulo Pharmaceuticals Company Profile

Anebulo Pharmaceuticals, Inc (NASDAQ:ANEB) is a clinical‐stage biopharmaceutical company focused on the development of intranasal therapies for the acute treatment of migraine. Its lead product candidate, ANEB-001, is an intranasal formulation of dihydroergotamine mesylate designed to provide rapid relief from migraine attacks while reducing common gastrointestinal side effects associated with oral treatments.

The company is advancing ANEB-001 through pivotal trials in the United States and plans to submit a new drug application to the U.S.