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

Enveric Biosciences, Inc. (NASDAQ:ENVB)’s share price traded down 4.6% on Monday . The company traded as low as $0.31 and last traded at $0.31. 153,114 shares traded hands during 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 firm has a market cap of $3.15 million, a P/E ratio of -0.12 and a beta of 0.68. The firm has a fifty day moving average of $0.41 and a 200-day moving average of $0.49.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Enveric Biosciences stock. AdvisorShares Investments LLC grew its holdings in shares of Enveric Biosciences, Inc. (NASDAQ:ENVB) by 32.7% during the second quarter, according to its most recent Form 13F filing with the SEC. 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 approximately 3.99% of Enveric Biosciences worth $190,000 at the end of the most recent reporting period. 13.82% of the stock is 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.