Enveric Biosciences, Inc. (ENVB) is a patient-centric innovative biopharmaceutical company. The company is engaged in developing next generation mental illness and cancer therapies. The therapeutics include cannabinoid components. Some of the pipeline projects of the include treatment for glioblastoma multiforme, radiodermatitis, rashes and chemotherapy-induced neuropathy.
The price of ENVB stock at the end of regular trading session of December 15, 2021 was $1.06 with a decline of 6.19%. At last check in the pre market session of December 16, 2021, the stock surged by 7.55%.
Events and Happenings
On November 29, 2021, ENVB reported about participation H.C. Wainwright 2nd Annual Psychedelics Virtual Conference on December 6, 2021. Dr. Joseph Tucker, CEO of ENVB, represented the company in the conference.
On November 18, 2021, ENVB reported about company’s cannabidiol (CBD) derived formulation for topical use, EV102, used for the treatment of radiodermatitis. The formulation showed positive results and significant reduction in dermatitis severity, and skin redness in a preclinical rodent.
CEO Comments
While commenting on the positive results showed by EV102, Chief Executive Officer of ENVB Dr. Joseph Tucker told that the formulation when applied topically, resulted in 50% lessening in redness severity. Almost same results were observed for dermatitis severity, which includes ulceration and skin peeling.
On November 8, 2021, ENVB informed about its inclusion in the new AdvisorShares Psychedelics ETF, trading under the ticker symbol PSIL on the NYSE Arca Exchange. On October 26, 2021, ENVB reported that company’s CEO participated in the Wonderland: Miami conference, held on November 8-9, 2021.
Key Financials
On November 3, 2021, ENVB reported third quarter 2021 financials for three months ended September 30, 2021. Some of the main highlights are
- Total assets of the company were reported to be $69.75 million.
- Basic and diluted net loss was announced to be$2.7 million or $0.12 per share for Q3 2021, while for the same quarter of 2020, it was $0.57 million or $0.10 per share.
On October 5, 2021, ENVB informed that PsyAITM –an artificial intelligence designed tool, had successfully identified viable psychedelic molecules for further drug discovery from company’s preliminary shortlisted 500 molecular compounds within its ‘Psybrary’. It will be helpful in treating cancer-related distress, PTSD, and other central nervous system indications.
Conclusion
The stock of ENVB is gaining momentum in the pre market session, despite the fact that it declined up to 40% as compared to the past month. The downfall is due to uncertain market conditions. But with the significant gain, the analysts are confidant that the stock may show improved position in the market.
