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 during 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. Approximately 77.5% of the shares of the company are sold short. Based on an average daily trading volume, of 2,650,000 shares, the days-to-cover ratio is presently 0.5 days.

Analysts Set New Price Targets

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

Enveric Biosciences Trading Up 3.4 %

NASDAQ:ENVB traded up $0.06 during mid-day trading on Friday, hitting $1.70. 39,626 shares of the company’s stock traded hands, compared to its average volume of 3,520,671. The firm has a market capitalization of $1.15 million, a price-to-earnings ratio of -0.04 and a beta of 0.47. The firm has a 50 day moving average of $3.30 and a two-hundred day moving average of $5.33. Enveric Biosciences has a 12 month low of $1.13 and a 12 month high of $28.05.

Hedge Funds Weigh In On Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC increased its position in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 599,854 shares of the company’s stock after buying an additional 232,807 shares during the quarter. AdvisorShares Investments LLC owned 88.21% of Enveric Biosciences worth $215,000 at the end of the most recent quarter. 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.