Enveric Biosciences (NASDAQ:ENVB) Trading 0.8% Higher – Time to Buy?

Enveric Biosciences, Inc. (NASDAQ:ENVB)’s share price traded up 0.8% during mid-day trading on Wednesday . The company traded as high as $1.31 and last traded at $1.26. 125,017 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 771,139 shares. The stock had previously closed at $1.25.

Wall Street Analysts Forecast Growth

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

Enveric Biosciences Stock Up 0.8%

The company has a market cap of $3.11 million, a PE ratio of -0.03 and a beta of 0.53. The stock has a 50-day moving average of $1.27 and a 200-day moving average of $2.60.

Enveric Biosciences (NASDAQ:ENVB) last announced its earnings results on Wednesday, May 14th. The company reported ($1.22) earnings per share for the quarter, topping analysts’ consensus estimates of ($3.45) by $2.23. Research analysts expect that Enveric Biosciences, Inc. will post -31.18 EPS for the current year.

Hedge Funds Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC boosted its position in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 599,854 shares of the company’s stock after buying an additional 232,807 shares during the quarter. AdvisorShares Investments LLC owned approximately 88.21% of Enveric Biosciences worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors 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.