Shares of 180 Life Sciences Corp. (ATNF) stock rises in the pre-market trading session today despite the absence of any particular news related to ATNF stock. As of this writing, ATNF surged by 13.87% to reach $9.03 per share. 180 Life Sciences stock collected the gain of 12.01% at the previous trading session. Let’s deep dive to explore more of it.
What’s happening?
Rising ATNF stock price has nothing to do with any specific activity by the 180 Life Science. Also, we find no signs of analyst’s upgrades are upswing the targeted price of the ATNF stock to justify this rise. So, what you need to know at this time? Let’s have a look at some previous events of ATNF stock.
On March 24, 2021, released the letter to its stakeholders on the behalf of its Chief Executive Officer, Dr.James Woody. According to the letter, ATNF had shown significant development with time to improve its legacy and strengthen its balance sheet. ATNF had completed its private placement of $11.7 million and reduced its debt from $5 million to $316k.Previously inherited equity of $3 million had converted to full equity.
Furthermore, the letter shows that 180 Life Sciences is planning to finance various of its clinical trial through the proceedings from the private placement and add two more members to their board of directors. Accrued salaries of the insider would be converted to the common stock that would further align the goals of insiders with ATNF stockholders.
About ATNF Stock:
180 Life Sciences is operating as a clinical biotechnology firm mainly working in the development of drugs that cure inflammatory diseases, fibrosis, and pain. Founders of ATNF are renowned pioneers in the research and development of anti-inflammatory drugs. Currently, 180 ATNF has been working on three programs for the cure of distinct inflammatory diseases out of which one program is in the stage of phase 2b/3 trial and results are expected to be announced on Q4 2021.
Conclusion:
ATNF stock has been hot among investors so far despite the absence of any specific news related to it. It seems that momentum has been already built by the ATNF stock if we consider the previous trading session. Generally, such trends don’t last for a long time, but no one can predict the exact outcome in the stock market. Hence it is better to practice deep research before adding any stock to the portfolio.
