Enveric Biosciences, Inc. (NASDAQ:ENVB) Short Interest Down 25.5% in March

Enveric Biosciences, Inc. (NASDAQ:ENVB) was the recipient of a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 179,500 shares, a drop of 25.5% from the March 15th total of 241,100 shares. Based on an average daily volume of 2,670,000 shares, the days-to-cover ratio is presently 0.1 days. Currently, 7.7% 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 boosted its stake in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 599,854 shares of the company’s stock after acquiring 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. 13.82% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $10.00 price target on shares of Enveric Biosciences in a report on Thursday, March 6th.

Enveric Biosciences Trading Down 4.9 %

NASDAQ:ENVB traded down $0.06 during mid-day trading on Friday, hitting $1.17. The company’s stock had a trading volume of 37,993 shares, compared to its average volume of 735,468. The company has a market capitalization of $2.89 million, a price-to-earnings ratio of -0.03 and a beta of 0.65. Enveric Biosciences has a fifty-two week low of $1.01 and a fifty-two week high of $15.45. The stock has a fifty day moving average of $1.57 and a 200-day moving average of $4.13.

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.