Enveric Biosciences (NASDAQ:ENVB) Stock Price Down 2.1% – Here’s What Happened

Shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) fell 2.1% during trading on Tuesday . The company traded as low as $0.86 and last traded at $0.88. 106,082 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 318,832 shares. The stock had previously closed at $0.90.

Enveric Biosciences Price Performance

The stock has a 50-day moving average of $1.20 and a 200 day moving average of $1.34. The stock has a market capitalization of $2.86 million, a price-to-earnings ratio of -0.02 and a beta of 0.58.

Enveric Biosciences (NASDAQ:ENVB) last announced its quarterly earnings data on Thursday, August 14th. The company reported ($0.97) EPS for the quarter, topping analysts’ consensus estimates of ($5.25) by $4.28. Sell-side analysts anticipate that Enveric Biosciences, Inc. will post -31.18 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC grew its stake in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 14.8% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 103,679 shares of the company’s stock after buying an additional 13,355 shares during the period. AdvisorShares Investments LLC owned approximately 4.20% of Enveric Biosciences worth $125,000 as of its most recent filing with the Securities and Exchange Commission. 13.82% of the stock is owned by institutional investors and hedge funds.

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.