Enveric Biosciences (NASDAQ:ENVB) Stock Price Down 7.4% – What’s Next?

Enveric Biosciences, Inc. (NASDAQ:ENVB) shares were down 7.4% during mid-day trading on Thursday . The company traded as low as $2.59 and last traded at $2.63. Approximately 46,434 shares traded hands during mid-day trading, a decline of 25% from the average daily volume of 61,692 shares. The stock had previously closed at $2.84.

Analysts Set New Price Targets

Several research firms have recently weighed in on ENVB. Wall Street Zen upgraded shares of Enveric Biosciences to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Enveric Biosciences in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Enveric Biosciences currently has a consensus rating of “Hold” and an average price target of $120.00.

Enveric Biosciences Price Performance

The stock’s 50 day simple moving average is $4.55 and its two-hundred day simple moving average is $8.17. The stock has a market cap of $1.58 million, a price-to-earnings ratio of -0.07 and a beta of 0.30.

Enveric Biosciences (NASDAQ:ENVB) last issued its earnings results on Friday, November 14th. The company reported ($10.81) earnings per share for the quarter, beating the consensus estimate of ($63.00) by $52.19. As a group, analysts predict that Enveric Biosciences, Inc. will post -31.18 earnings per share for the current year.

Institutional Trading of Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC raised its stake in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 14.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,679 shares of the company’s stock after acquiring an additional 13,355 shares during the period. AdvisorShares Investments LLC owned about 4.20% of Enveric Biosciences worth $125,000 as of its most recent SEC filing. Institutional investors own 13.82% of the company’s stock.

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.