Short Interest in Enveric Biosciences, Inc. (NASDAQ:ENVB) Drops By 20.6%

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the recipient of a significant decrease in short interest in March. As of March 13th, there was short interest totaling 93,975 shares, a decrease of 20.6% from the February 26th total of 118,369 shares. Currently, 6.8% of the shares of the stock are short sold. Based on an average daily volume of 52,567 shares, the short-interest ratio is presently 1.8 days.

Institutional Investors Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC grew its stake in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 203,679 shares of the company’s stock after buying 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 Securities and Exchange Commission (SEC). 13.82% of the stock is owned by institutional investors and hedge funds.

Enveric Biosciences Stock Performance

NASDAQ:ENVB opened at $1.88 on Monday. The stock has a 50-day moving average price of $2.50 and a 200 day moving average price of $5.06. The stock has a market capitalization of $2.61 million, a P/E ratio of -0.05 and a beta of 0.31. Enveric Biosciences has a 12-month low of $1.82 and a 12-month high of $19.20.

Analyst Ratings Changes

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Enveric Biosciences in a research note on Thursday, January 22nd. One analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, Enveric Biosciences presently has an average rating of “Sell”.

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.