Short Interest in Enveric Biosciences, Inc. (NASDAQ:ENVB) Rises By 90.8%
by Sarita Garza · The Markets DailyEnveric Biosciences, Inc. (NASDAQ:ENVB – Get Free Report) saw a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 118,369 shares, a growth of 90.8% from the February 12th total of 62,034 shares. Based on an average daily volume of 2,015,884 shares, the days-to-cover ratio is currently 0.1 days. Approximately 8.6% of the company’s shares are sold short. Approximately 8.6% of the company’s shares are sold short. Based on an average daily volume of 2,015,884 shares, the days-to-cover ratio is currently 0.1 days.
Hedge Funds Weigh In On Enveric Biosciences
A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC lifted its holdings in Enveric Biosciences, Inc. (NASDAQ:ENVB – Free Report) by 96.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 203,679 shares of the company’s stock after acquiring an additional 100,000 shares during the quarter. AdvisorShares Investments LLC owned 39.32% of Enveric Biosciences worth $130,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.82% of the company’s stock.
Wall Street Analysts Forecast Growth
Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Enveric Biosciences in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.
Get Our Latest Analysis on ENVB
Enveric Biosciences Trading Down 2.5%
Shares of ENVB traded down $0.05 during trading hours on Thursday, hitting $1.92. The company had a trading volume of 17,592 shares, compared to its average volume of 998,742. The company’s fifty day moving average price is $2.98 and its two-hundred day moving average price is $6.07. Enveric Biosciences has a one year low of $1.82 and a one year high of $22.20.
About Enveric Biosciences
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.