Enveric Biosciences (NASDAQ:ENVB) Given “Buy” Rating at HC Wainwright

Enveric Biosciences (NASDAQ:ENVB)‘s stock had its “buy” rating reaffirmed by stock analysts at HC Wainwright in a research report issued on Thursday,Benzinga reports. They presently have a $10.00 target price on the stock. HC Wainwright’s target price would suggest a potential upside of 419.48% from the company’s current price.

Enveric Biosciences Stock Performance

Shares of NASDAQ ENVB traded down $0.18 during mid-day trading on Thursday, reaching $1.93. 372,730 shares of the company traded hands, compared to its average volume of 3,997,478. The company’s fifty day moving average is $3.63 and its two-hundred day moving average is $5.55. Enveric Biosciences has a fifty-two week low of $1.13 and a fifty-two week high of $28.05. The stock has a market cap of $1.31 million, a PE ratio of -0.05 and a beta of 0.47.

Institutional Trading of Enveric Biosciences

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC increased its position in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 63.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 599,854 shares of the company’s stock after acquiring an additional 232,807 shares during the quarter. AdvisorShares Investments LLC owned about 88.21% of Enveric Biosciences worth $215,000 at the end of the most recent quarter. Institutional investors and hedge funds own 13.82% of the company’s stock.

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.