Enveric Biosciences (NASDAQ:ENVB) Trading Down 4.6% – Should You Sell?

Enveric Biosciences, Inc. (NASDAQ:ENVB)’s share price fell 4.6% during mid-day trading on Monday . The stock traded as low as $0.31 and last traded at $0.31. 153,114 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 1,659,062 shares. The stock had previously closed at $0.33.

Enveric Biosciences Stock Performance

The stock’s 50-day moving average is $0.40 and its 200 day moving average is $0.48. The stock has a market capitalization of $3.15 million, a PE ratio of -0.12 and a beta of 0.68.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Enveric Biosciences stock. AdvisorShares Investments LLC raised its position in Enveric Biosciences, Inc. (NASDAQ:ENVB) by 32.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 317,047 shares of the company’s stock after buying an additional 78,214 shares during the quarter. AdvisorShares Investments LLC owned about 3.99% of Enveric Biosciences worth $190,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 13.82% of the company’s stock.

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.