Enveric Biosciences, Inc. (NASDAQ:ENVB) Short Interest Up 351.4% in February

Enveric Biosciences, Inc. (NASDAQ:ENVB) saw a large growth in short interest in the month of February. As of February 28th, there was short interest totalling 1,240,000 shares, a growth of 351.4% from the February 13th total of 274,700 shares. Based on an average trading volume of 2,650,000 shares, the days-to-cover ratio is currently 0.5 days. Approximately 77.5% of the shares of the company are short sold.

Enveric Biosciences Price Performance

Shares of Enveric Biosciences stock traded up $0.02 during trading on Thursday, hitting $1.63. The stock had a trading volume of 7,786 shares, compared to its average volume of 3,592,653. The firm has a market cap of $1.11 million, a P/E ratio of -0.04 and a beta of 0.47. The business has a fifty day moving average of $3.30 and a two-hundred day moving average of $5.33. Enveric Biosciences has a fifty-two week low of $1.13 and a fifty-two week high of $28.05.

Institutional Trading of Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC increased its position in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. 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 about 88.21% of Enveric Biosciences worth $215,000 at the end of the most recent reporting period. Institutional investors and hedge funds own 13.82% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Enveric Biosciences

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.