Short Interest in Enveric Biosciences, Inc. (NASDAQ:ENVB) Declines By 86.9%

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the target of a large decrease in short interest in the month of May. As of May 15th, there was short interest totaling 115,974 shares, a decrease of 86.9% from the April 30th total of 886,509 shares. Currently, 3.2% of the shares of the stock are sold short. Based on an average trading volume of 402,818 shares, the short-interest ratio is currently 0.3 days.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen raised shares of Enveric Biosciences to a “sell” rating in a report on Saturday, May 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Enveric Biosciences in a report on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, According to MarketBeat, Enveric Biosciences has a consensus rating of “Sell”.

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 Enveric Biosciences, Inc. (NASDAQ:ENVB) by 96.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 203,679 shares of the company’s stock after buying an additional 100,000 shares during the period. AdvisorShares Investments LLC owned approximately 39.32% of Enveric Biosciences worth $130,000 at the end of the most recent reporting period. 13.82% of the stock is owned by institutional investors.

Enveric Biosciences Price Performance

ENVB stock traded up $0.12 during midday trading on Thursday, reaching $2.26. The company had a trading volume of 43,388 shares, compared to its average volume of 2,577,481. Enveric Biosciences has a 1 year low of $1.71 and a 1 year high of $17.64. The company has a market capitalization of $8.31 million, a P/E ratio of -0.10 and a beta of 1.24. The firm has a 50-day moving average price of $2.59 and a 200-day moving average price of $3.52.

Enveric Biosciences (NASDAQ:ENVB) last released its quarterly earnings results on Friday, May 15th. The company reported ($1.08) EPS for the quarter.

Enveric Biosciences Company Profile

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.