Enveric Biosciences (NASDAQ:ENVB) Trading Down 7.4% – Should You Sell?

Enveric Biosciences, Inc. (NASDAQ:ENVB) traded down 7.4% during mid-day trading on Thursday . The company traded as low as $2.59 and last traded at $2.63. 46,434 shares changed hands during mid-day trading, a decline of 25% from the average session volume of 61,692 shares. The stock had previously closed at $2.84.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enveric Biosciences in a research report on Thursday, January 22nd. Wall Street Zen upgraded Enveric Biosciences to a “sell” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $120.00.

Enveric Biosciences Trading Down 7.4%

The stock has a fifty day moving average price of $4.55 and a 200 day moving average price of $8.17. The firm has a market cap of $1.58 million, a price-to-earnings ratio of -0.07 and a beta of 0.30.

Enveric Biosciences (NASDAQ:ENVB) last announced its quarterly earnings results on Friday, November 14th. The company reported ($10.81) EPS for the quarter, beating the consensus estimate of ($63.00) by $52.19. On average, sell-side analysts forecast that Enveric Biosciences, Inc. will post -31.18 EPS for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC lifted its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% during the third quarter, according to its most recent Form 13F filing with the 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 SEC. 13.82% of the stock is owned by hedge funds and other institutional investors.

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.