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

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of a significant decrease in short interest in the month of March. As of March 15th, there was short interest totalling 241,100 shares, a decrease 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. Approximately 13.3% of the shares of the company are sold short.

Hedge Funds Weigh In On Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC grew its stake in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 599,854 shares of the company’s stock after acquiring 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 quarter. 13.82% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Enveric Biosciences Trading Down 3.0 %

Shares of ENVB stock traded down $0.05 during mid-day trading on Wednesday, reaching $1.62. The stock had a trading volume of 99,548 shares, compared to its average volume of 729,582. Enveric Biosciences has a 12-month low of $1.13 and a 12-month high of $17.85. The business has a 50-day simple moving average of $2.42 and a 200 day simple moving average of $4.91. The company has a market cap of $1.10 million, a P/E 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.