Short Interest in Enveric Biosciences, Inc. (NASDAQ:ENVB) Declines By 86.9%

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of a significant decline in short interest in the month of May. As of May 15th, there was short interest totaling 115,974 shares, a decline of 86.9% from the April 30th total of 886,509 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average trading volume of 402,818 shares, the short-interest ratio is currently 0.3 days.

Enveric Biosciences Trading Up 5.6%

Shares of NASDAQ ENVB traded up $0.12 during midday trading on Thursday, hitting $2.26. The company’s stock had a trading volume of 43,388 shares, compared to its average volume of 2,577,481. The stock has a fifty day moving average price of $2.59 and a 200 day moving average price of $3.52. Enveric Biosciences has a one year low of $1.71 and a one year high of $17.64. The firm has a market capitalization of $8.31 million, a price-to-earnings ratio of -0.10 and a beta of 1.24.

Enveric Biosciences (NASDAQ:ENVB) last posted its quarterly earnings results on Friday, May 15th. The company reported ($1.08) earnings per share (EPS) for the quarter.

Institutional Trading of Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC increased its position in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 203,679 shares of the company’s stock after acquiring an additional 100,000 shares during the period. AdvisorShares Investments LLC owned approximately 39.32% of Enveric Biosciences worth $130,000 as of its most recent filing with the Securities and Exchange Commission. 13.82% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have commented on ENVB shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enveric Biosciences in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Enveric Biosciences to a “sell” rating in a research report on Saturday, May 23rd. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company 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.