Enveric Biosciences (NASDAQ:ENVB) Shares Up 3.5% – Here’s Why

Enveric Biosciences, Inc. (NASDAQ:ENVB) shot up 3.5% during mid-day trading on Wednesday . The company traded as high as $0.66 and last traded at $0.66. 276,641 shares changed hands during trading, a decline of 55% from the average session volume of 615,100 shares. The stock had previously closed at $0.64.

Enveric Biosciences Stock Up 3.5%

The stock has a fifty day moving average of $1.02 and a 200-day moving average of $1.21. The stock has a market cap of $2.15 million, a PE ratio of -0.02 and a beta of 0.60.

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

Institutional Trading of Enveric Biosciences

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