Enveric Biosciences (NASDAQ:ENVB) Trading Down 1% – Here’s Why

Shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) dropped 1% during mid-day trading on Wednesday . The company traded as low as $1.19 and last traded at $1.23. Approximately 23,501 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 729,537 shares. The stock had previously closed at $1.24.

Analyst Ratings Changes

Separately, HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective on shares of Enveric Biosciences in a research report on Thursday, March 6th.

Enveric Biosciences Stock Down 4.9 %

The company’s fifty day simple moving average is $1.58 and its 200 day simple moving average is $4.19. The firm has a market capitalization of $793,260.00, a PE ratio of -0.03 and a beta of 0.65.

Hedge Funds Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC lifted its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 599,854 shares of the company’s stock after buying an additional 232,807 shares during the quarter. AdvisorShares Investments LLC owned approximately 88.21% of Enveric Biosciences worth $215,000 as of its most recent SEC filing. 13.82% of the stock is owned by institutional investors and hedge funds.

Enveric Biosciences Company Profile

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.