Enveric Biosciences (NASDAQ:ENVB) Stock Price Down 4.6% – Here’s Why

Shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) dropped 4.6% on Monday . The stock traded as low as $0.31 and last traded at $0.31. Approximately 153,114 shares traded hands during trading, a decline of 91% from the average daily volume of 1,659,062 shares. The stock had previously closed at $0.33.

Enveric Biosciences Price Performance

The stock’s fifty day simple moving average is $0.40 and its 200-day simple moving average is $0.48. The firm has a market cap of $3.15 million, a PE ratio of -0.12 and a beta of 0.68.

Institutional Trading of Enveric Biosciences

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC lifted its stake in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 32.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 317,047 shares of the company’s stock after purchasing an additional 78,214 shares during the period. AdvisorShares Investments LLC owned about 3.99% of Enveric Biosciences worth $190,000 at the end of the most recent quarter. 13.82% of the stock is currently owned by institutional investors.

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.