Enveric Biosciences (NASDAQ:ENVB) Trading Down 7.4% – Here’s What Happened

Enveric Biosciences, Inc. (NASDAQ:ENVB)’s share price dropped 7.4% during trading on Thursday . The company traded as low as $2.59 and last traded at $2.63. Approximately 46,434 shares changed hands during trading, a decline of 25% from the average daily volume of 61,692 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

A number of research analysts have recently commented on ENVB shares. Wall Street Zen raised Enveric Biosciences to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Enveric Biosciences in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Enveric Biosciences currently has an average rating of “Hold” and an average price target of $120.00.

Enveric Biosciences Trading Down 7.4%

The stock has a market cap of $1.58 million, a P/E ratio of -0.07 and a beta of 0.30. The business’s 50 day moving average price is $4.55 and its two-hundred day moving average price is $8.17.

Enveric Biosciences (NASDAQ:ENVB) last announced its quarterly earnings data on Friday, November 14th. The company reported ($10.81) EPS for the quarter, beating the consensus estimate of ($63.00) by $52.19. As a group, analysts expect that Enveric Biosciences, Inc. will post -31.18 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC raised its holdings in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 14.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 103,679 shares of the company’s stock after purchasing an additional 13,355 shares during the period. AdvisorShares Investments LLC owned approximately 4.20% of Enveric Biosciences worth $125,000 at the end of the most recent quarter. Institutional investors own 13.82% of the company’s stock.

About Enveric Biosciences

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.