Anebulo Pharmaceuticals (NASDAQ:ANEB) Shares Down 8.6% – Should You Sell?

Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) shares fell 8.6% on Wednesday . The stock traded as low as $0.3364 and last traded at $0.3364. 100 shares traded hands during trading, a decline of 100% from the average daily volume of 39,886 shares. The stock had previously closed at $0.3680.

Anebulo Pharmaceuticals Price Performance

The company 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 200 day simple moving average is $0.65.

Institutional Investors Weigh In On Anebulo Pharmaceuticals

An institutional investor recently bought a new position in Anebulo Pharmaceuticals stock. Goldman Sachs Group Inc. bought a new position in shares of Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 47,954 shares of the company’s stock, valued at approximately $62,000. Goldman Sachs Group Inc. owned about 0.12% of Anebulo Pharmaceuticals at the end of the most recent reporting period. Institutional investors own 28.40% of the company’s stock.

About Anebulo Pharmaceuticals

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.