Enveric Biosciences, Inc. (NASDAQ:ENVB) Sees Significant Growth in Short Interest

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 1,240,000 shares, a growth of 351.4% from the February 13th total of 274,700 shares. Based on an average daily trading volume, of 2,650,000 shares, the short-interest ratio is currently 0.5 days. Currently, 77.5% of the shares of the stock are short sold.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC boosted its position in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 599,854 shares of the company’s stock after purchasing an additional 232,807 shares during the period. AdvisorShares Investments LLC owned about 88.21% of Enveric Biosciences worth $215,000 as of its most recent SEC filing. Institutional investors own 13.82% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “buy” rating and set a $10.00 target price on shares of Enveric Biosciences in a research report on Thursday, March 6th.

Enveric Biosciences Price Performance

Shares of NASDAQ:ENVB traded down $0.09 during trading on Wednesday, hitting $1.61. The company had a trading volume of 65,513 shares, compared to its average volume of 3,668,922. The stock has a market cap of $1.09 million, a price-to-earnings ratio of -0.04 and a beta of 0.47. The company has a fifty day simple moving average of $3.37 and a two-hundred day simple moving average of $5.36. Enveric Biosciences has a one year low of $1.13 and a one year high of $28.05.

Enveric Biosciences Company Profile

Enveric Biosciences, Inc, a biotechnology company, engages in the development of small-molecule therapeutics for the treatment of anxiety, depression, and addiction disorders. Its lead product candidates are EB-002, an active metabolite of psilocybin, which is in preclinical development stage for the treatment of anxiety disorders; and EB-003 that is in preclinical development stage for the treatment mental health.