If you are looking into pharmaceutical stocks this morning then it could be a good idea to track the Anebulo Pharmaceuticals Inc (NASDAQ:ANEB) stock, which ended up with gains of as much as 3% last Friday.
On Friday, ANEB stock fell 1.26% to $6.25 with more than 2.89k shares, compared to its average volume of 3.89k shares. The stock has moved within a range of $6.25 – 6.57 after opening trade at $6.40.
The clinical stage biopharmaceutical company was in the news on Friday after it announced its financial results for the first fiscal quarter for the period that had ended on June 30, 2022. The company, which is involved in developing products to tackle CBD intoxication and other forms of substance addictions, ended up spending as much as $1554924 in the form of expenses in the first fiscal quarter.
That was significantly more than the $252,346 that it had spent in the prior year period. On the other hand, the net losses for the period stood at $1,553,395 and that worked out to $0.07 a share. The net losses in the prior year period had been $256,379 but on a per share basis, the losses had only been $0.02 a share. At the end of the quarter, the company reported a cash balance of $19.2 million. After the gains made on Friday, it now remains to be seen if he stock can carry on with the momentum this morning.
“We continue to advance ANEB-001’s clinical development and are pleased with our progress to date. In addition, we affirm expectations to initiate the Phase 2 clinical study for ANEB-001 by the end of this year and look forward to reporting topline results in the first half of 2022. Furthermore, we plan to speak with the U.S. FDA regarding ANEB-001’s domestic regulatory path before year-end,” stated Daniel Schneeberger, M.D., Chief Executive Officer of Anebulo. “We recently announced a key milestone with the issuance of a method of use patent for ANEB-001, providing protection through 2040. We plan to enhance our intellectual property portfolio with additional patent applications in the U.S. and key overseas markets. We believe there is a significant unmet need to treat acute cannabinoid intoxication and that ANEB-001 has the ability to reverse symptoms in a safe and effective manner.”
ANEB stock is trading below the 20-Day and 50-Day Moving averages of $6.75 and $6.85 respectively. Moreover, the stock is trading below the 200-Day moving average of $7.09. The stock is down 7% over the past month.