Enveric Biosciences, Inc. (NASDAQ:ENVB) Short Interest Down 20.6% in March

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the recipient of a significant drop in short interest in March. As of March 13th, there was short interest totaling 93,975 shares, a drop of 20.6% from the February 26th total of 118,369 shares. Currently, 6.8% of the company’s stock are sold short. Based on an average daily trading volume, of 52,567 shares, the short-interest ratio is presently 1.8 days.

Hedge Funds Weigh In On Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC raised its stake in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 203,679 shares of the company’s stock after purchasing an additional 100,000 shares during the period. AdvisorShares Investments LLC owned 39.32% of Enveric Biosciences worth $130,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 13.82% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Enveric Biosciences in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the company currently has an average rating of “Sell”.

Enveric Biosciences Stock Performance

Shares of NASDAQ ENVB traded up $0.15 during midday trading on Tuesday, hitting $1.94. 70,627 shares of the company traded hands, compared to its average volume of 361,625. The stock has a 50-day moving average price of $2.46 and a 200 day moving average price of $4.99. The firm has a market cap of $2.70 million, a P/E ratio of -0.05 and a beta of 0.31. Enveric Biosciences has a 12-month low of $1.75 and a 12-month high of $17.84.

Enveric Biosciences Company Profile

Enveric Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of novel psychedelic-based therapeutics for the treatment of psychiatric and neurological disorders. The company’s research platform leverages proprietary medicinal chemistry to design, synthesize and optimize molecules derived from established psychoactive compounds, with a goal of improving safety, efficacy and tolerability compared with traditional formulations.

Enveric’s preclinical pipeline features synthetic analogs of ibogaine, psilocybin and MDMA, each engineered to enhance therapeutic outcomes in conditions such as post-traumatic stress disorder, major depressive disorder and anxiety.