ARTL - Artelo surges as H.C. Wainwright estimates over 400% upside

Artelo Biosciences (ARTL +38.3%) has recorded the second biggest intraday gain for the year after H.C. Wainwright initiated its coverage with a Buy recommendation and a 12-month price target of $4 per share to indicate a premium of ~459.0% to the last close. Analyst Vernon Bernardino lists three reasons for the decision. The company’s lead drug candidate, ART27.13 has the potential to become the first FDA-approved therapy for Cancer Anorexia and Cachexia Syndrome (CACS), Bernardino argues, noting its ability to improve appetite and weight in cancer patients. The experimental anti-cancer treatment, ART26.12, has indicated its potential to fight tumor cell resistance. Meanwhile, ART12.11, a cocrystal of cannabidiol (CBD) and tetramethylpyrazine (TMP), has shown its “promise in eliminating CBD polymorphisms and enhanced pharmaceutical properties,” Bernardino added. According to the analyst, a positive catalyst awaits investors as the company prepares to release the first data from its Phase 1b/2a study for ART27.13 before

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Artelo surges as H.C. Wainwright estimates over 400% upside