Enveric Biosciences, Inc. (NASDAQ:ENVB) Short Interest Down 80.6% in March

Enveric Biosciences, Inc. (NASDAQ:ENVB) saw a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 241,100 shares, a decrease of 80.6% from the February 28th total of 1,240,000 shares. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 13.3% of the company’s shares are sold short.

Enveric Biosciences Price Performance

Shares of ENVB stock traded down $0.05 during trading hours on Wednesday, reaching $1.62. 99,548 shares of the company traded hands, compared to its average volume of 729,582. The firm has a 50-day moving average price of $2.42 and a 200 day moving average price of $4.91. The company has a market cap of $1.10 million, a P/E ratio of -0.04 and a beta of 0.47. Enveric Biosciences has a 12-month low of $1.13 and a 12-month high of $17.85.

Analyst Ratings Changes

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

Institutional Investors Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC lifted its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 599,854 shares of the company’s stock after purchasing an additional 232,807 shares during the quarter. AdvisorShares Investments LLC owned about 88.21% of Enveric Biosciences worth $215,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.82% of the company’s stock.

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.