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Wednesday, June 23, 2021

Artelo Biosciences Inc (ARTL) stock surging on Monday’s pre-market but why?

Artelo Biosciences Inc (ARTL) stock has gained 12.93% on Monday’s pre-market as of this writing. ARTL’s stock gained 2.65% to close Friday’s session at $1.16. ARTL shares have gained only 2.65% over the last 12 months, and they have lost 23.68% in the past week. Over the past three months, the stock has gained 14.85%, while over the past six months, it has added 49.14%.


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Let’s discuss its recent news

Financial Results announcement

On April 13, 2021, Artelo Biosciences reported financial results for the second quarter of its fiscal year ended February 28, 2021.

Second Quarter Fiscal highlights

  • ARTL spentoperating expenses of $1,867,509 in Q2 2021 compared to $1,370,534 for the same period in 2020.
  • It suffered a net loss of $1,865,921, or $0.11 per basic and diluted share for the reported quarter compared to a net loss of $1,370,126, or $0.40 per basic and diluted share for the quarter ended February 29, 2020.
  • The Company has approximately $11,218,461 in cash and cash equivalents and marketable securities as of February 28, 2021.

Update about ART27.13

On April 12, 2021, Artelo Biosciences announced that in the Company’s Phase 1/2 Cancer Appetite Recovery Study (CAReS) of ART27.13 in Edinburgh, Scotland, UK, the first patient has been dosed.

ART27.13 is a selective G-Protein Coupled Receptor (GPCR) that is being developed as a therapy for cancer patients suffering from anorexia and weight loss, which affects over 60% of later-stage cancer patients, often impacts the quality of life and can accelerate death.

Acceptance into the Alderley Park Oncology Development Program

On March 19, 2021, Artelo Bioscienceswas selected into the first round of the Alderley Park Oncology Development Program.

The Alderley Park Oncology Development Program is designed to offer advice, guidance, and financial support to develop and progress innovative oncology projects. The program is funded by UK and Cancer Research UK and supported by major oncology-focused pharmaceutical companies.

Participation in the investor conference

Artelo Biosciences participated in Q1 Virtual Investor Summit which held on March 23-25th, 2021. The company was presented by Gregory Gorgas, Chief Executive Officer.

New board member

On March 09, 2021, Artelo Biosciences, Inc. appointed Tamara A. Seymour, CPA, to the Company’s board of directors.

Ms. Seymour has three decades of experience in the biotech and life sciences industries

She holds an MBA, with a major in finance, from Georgia State University and earned her BBA, with an emphasis in accounting, from Valdosta State University.

Conclusion

There is no recent news to justify its pre-market positive momentum. the recent financial results could be the reason behind its recent gains.

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