Artelo Biosciences (NASDAQ:ARTL) stock is soaring higher on Friday after Ladenburg analyst Michael Higgins initiated coverage of the biopharma company.
The Ladenburg analyst kicks off coverage of ARTL stock with a buy rating. That matches up with the consensus buy rating for the stock. That consensus rating comes from two buy ratings for Artelo Biosciences.
To go along with the positive rating from Higgins is a price target of $7 per share. That also matches up with the consensus price target for ARTL stock. It also represents a potential 329% upside over the stock’s closing price on Thursday.
So what’s behind the bullish rating for ARTL stock from Ladenburg? In the letter initiating the coverage of Artelo Biosciences, Higgins points to the company’s work on developing treatments targeting the endocannabinoid system as the reason for the positive stance.
Artelo Biosciences is a biopharma company focused on developing treatments that improve patients’ lives. That includes developing new therapies. The company’s pipeline includes ART27.13, which is designed to treat cancer patients suffering from anorexia. This treatment is currently undergoing a Phase 1 clinical trial.
Artelo Biosciences is led by president and CEO Gregory Gorgas. He joined the company in April 2017 and brought with him more than three decades’ worth of drug development experience. The company also has Steven Reich acting as its CMO. He has over four decades’ of experience in researching drugs.
ARTL stock was up 89% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.