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

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of 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 daily volume of 2,650,000 shares, the days-to-cover ratio is presently 0.5 days. Approximately 77.5% of the shares of the company are short sold.

Enveric Biosciences Price Performance

NASDAQ:ENVB traded up $0.02 during midday trading on Thursday, reaching $1.63. 7,786 shares of the company traded hands, compared to its average volume of 3,592,653. Enveric Biosciences has a twelve month low of $1.13 and a twelve month high of $28.05. The company has a fifty day moving average price of $3.30 and a 200 day moving average price of $5.33. The firm has a market capitalization of $1.11 million, a price-to-earnings ratio of -0.04 and a beta of 0.47.

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.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC grew its holdings in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the fourth quarter, according to its most recent filing with the SEC. The firm 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 as of its most recent SEC filing. 13.82% of the stock is owned by hedge funds and other institutional investors.

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.