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

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

Enveric Biosciences Stock Performance

NASDAQ ENVB traded down $0.01 during trading on Thursday, hitting $1.62. The stock had a trading volume of 15,474 shares, compared to its average volume of 726,764. Enveric Biosciences has a 12 month low of $1.13 and a 12 month high of $17.85. The company’s 50-day moving average price is $2.42 and its two-hundred day moving average price is $4.91. The company has a market capitalization of $1.09 million, a PE ratio of -0.04 and a beta of 0.47.

Analysts Set New Price Targets

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

Institutional Trading of Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC raised its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 599,854 shares of the company’s stock after buying an additional 232,807 shares during the period. AdvisorShares Investments LLC owned 88.21% of Enveric Biosciences worth $215,000 at the end of the most recent reporting period. 13.82% of the stock is currently owned by hedge funds and other institutional investors.

About Enveric Biosciences

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.