Enveric Biosciences, Inc. (NASDAQ:ENVB) Short Interest Down 80.6% in March

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

Institutional Investors Weigh In On Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC increased its holdings in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the 4th quarter, according to its most recent filing with the Securities and 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 88.21% of Enveric Biosciences worth $215,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.82% of the company’s stock.

Analysts Set New Price Targets

Separately, HC Wainwright restated 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 Trading Down 0.3 %

Shares of NASDAQ:ENVB traded down $0.01 during midday trading on Thursday, hitting $1.62. The company had a trading volume of 15,474 shares, compared to its average volume of 726,764. Enveric Biosciences has a 12 month low of $1.13 and a 12 month high of $17.85. The firm has a fifty day simple moving average of $2.42 and a 200 day simple moving average of $4.91. The stock has a market cap of $1.09 million, a price-to-earnings ratio of -0.04 and a beta of 0.47.

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.