Short Interest in Enveric Biosciences, Inc. (NASDAQ:ENVB) Drops By 80.6%

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 241,100 shares, a decline of 80.6% from the February 28th total of 1,240,000 shares. Currently, 13.3% of the shares of the company are sold short. Based on an average daily trading volume, of 2,660,000 shares, the days-to-cover ratio is currently 0.1 days.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

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

Enveric Biosciences Stock Performance

Shares of ENVB traded down $0.13 during mid-day trading on Friday, hitting $1.47. The company’s stock had a trading volume of 136,918 shares, compared to its average volume of 727,424. Enveric Biosciences has a one year low of $1.13 and a one year high of $17.85. The stock’s 50-day moving average is $2.35 and its two-hundred day moving average is $4.89. The firm has a market capitalization of $996,660.00, a PE ratio of -0.04 and a beta of 0.47.

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.