Enveric Biosciences Inc. [NASDAQ: ENVB] surged by $0.61 during the normal trading session on Wednesday and reaching a high of $5.25 during the day while it closed the day at $4.90. The company report on February 9, 2021 that Enveric Biosciences Inc. Announces $12.8 Million Registered Direct Offering.
Enveric Biosciences Inc. (NASDAQ: ENVB) (“Enveric” or the “Company”), a patient-first biotechnology company developing novel cannabinoid medicines to improve quality of life for cancer patients, announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 3,007,026 shares of Enveric’s common stock, at a purchase price of $4.27 per share, in a registered direct offering. Enveric has also agreed to issue to the investors unregistered warrants to acquire 1,503,513 shares of Common Stock at $4.90 per share, exercisable immediately and terminating five years after the date of issuance. The closing of the offering is expected to occur on or about February 11, 2021, subject to the satisfaction of customary closing conditions. Following completion of the offering, the Enveric is expected to have 18,336,367 shares of common stock issued and outstanding.
The gross proceeds to Enveric from this offering are expected to be approximately $12,840,000, before deducting advisory and other offering expenses. Enveric intends to use the net proceeds from this offering for working capital and general corporate purposes.
Enveric Biosciences Inc. stock has also gained 14.49% of its value over the past 7 days. However, ENVB stock has declined by -16.67% in the 3 months of the year. Over the past six months meanwhile, it has lost -34.49% and gained 15.02% year-on date.
The market cap for ENVB stock reached $65.17 million, with 13.21 million shares outstanding and 8.75 million shares in the current float. Compared to the average trading volume of 1.19M shares, ENVB reached a trading volume of 9085490 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say about Enveric Biosciences Inc. [ENVB]:
The Average True Range (ATR) for Enveric Biosciences Inc. is set at 0.54, with the Price to Sales ratio for ENVB stock in the period of the last 12 months amounting to 1.84. The Price to Book ratio for the last quarter was 1.97, with the Price to Cash per share for the same quarter was set at 0.21.
ENVB stock trade performance evaluation
Enveric Biosciences Inc. [ENVB] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.49. With this latest performance, ENVB shares gained by 0.62% in over the last four-week period, additionally sinking by -34.49% over the last 6 months – not to mention a drop of -9.87% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ENVB stock in for the last two-week period is set at 53.79, with the RSI for the last a single of trading hit 61.88, and the three-weeks RSI is set at 50.93 for Enveric Biosciences Inc. [ENVB]. The present Moving Average for the last 50 days of trading for this stock 5.39, while it was recorded at 4.40 for the last single week of trading, and 5.74 for the last 200 days.
Enveric Biosciences Inc. [ENVB]: An insightful look at the core fundamentals
Enveric Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 0.80.
Enveric Biosciences Inc. [ENVB]: Insider Ownership positions
There are presently around $0 million, or 0.10% of ENVB stock, in the hands of institutional investors. The top three institutional holders of ENVB stocks are: GEODE CAPITAL MANAGEMENT, LLC with ownership of 2,697, which is approximately 0% of the company’s market cap and around 4.20% of the total institutional ownership; ADVISOR GROUP HOLDINGS, INC., holding 1,000 shares of the stock with an approximate value of $4000.0 in ENVB stocks shares; and WELLS FARGO & COMPANY/MN, currently with $0.0 in ENVB stock with ownership of nearly 160% of the company’s market capitalization.
1 institutional holders increased their position in Enveric Biosciences Inc. [NASDAQ:ENVB] by around 8 shares. Additionally, 3 investors decreased positions by around 11,802 shares, while 3 investors held positions by with 8,100 shares. The mentioned changes placed institutional holdings at 3,710 shares, according to the latest SEC report filing. ENVB stock had 1 new institutional investments in for a total of 0 shares, while 3 institutional investors sold positions of 11,802 shares during the same period.