Enveric Biosciences (NASDAQ:ENVB) Stock Price Up 1.3% – What’s Next?

Enveric Biosciences, Inc. (NASDAQ:ENVB)’s stock price traded up 1.3% during mid-day trading on Friday . The company traded as high as $2.35 and last traded at $2.35. 67,885 shares were traded during trading, a decline of 93% from the average session volume of 994,266 shares. The stock had previously closed at $2.32.

Analyst Ratings Changes

ENVB has been the subject of a number of recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Enveric Biosciences in a research report on Thursday, January 22nd. Wall Street Zen upgraded shares of Enveric Biosciences to a “sell” rating in a research note on Saturday, November 8th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Enveric Biosciences has a consensus rating of “Hold” and an average price target of $120.00.

Enveric Biosciences Stock Up 1.3%

The company has a market cap of $3.27 million, a P/E ratio of -0.06 and a beta of 0.30. The company has a fifty day moving average of $3.34 and a 200 day moving average of $6.77.

Hedge Funds Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC increased its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 203,679 shares of the company’s stock after buying an additional 100,000 shares during the quarter. AdvisorShares Investments LLC owned 39.32% of Enveric Biosciences worth $130,000 at the end of the most recent reporting period. 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.