Why Enveric Biosciences Inc. (ENVB) stock rallied in the after-hours on Wednesday?

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ESLT Stock
ESLT Stock

Enveric Biosciences Inc. (ENVB) shares soared 13.21% in after-hours on Wednesday, December 15, 2021, and closed the daily trading at $1.20. However, in the regular trading session, ENVB’s stock lost 6.19%. ENVB shares have fallen 84.13% over the last 12 months, and they have moved down 17.83% in the past week. Over the past three months, the stock has lost 61.03%, while over the past six months, it has declined 52.47%.

Let’s have a look at its recent news and developments.


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ENVB new appointment

On December 6, 2021, Enveric Biosciences (ENVB) appointed Bob Dagher, MD, as Chief Medical Officer, effective immediately.

Dr. Dagher has more than 20 years of experience in clinical development in the pharmaceutical industry for both small and large pharmaceutical companies and as a board-certified physician from the American Board of neurology and psychiatry. Dr. Dagher has supported and driven successful drug development programs from preclinical stages through Phase 4 clinical trials.

ENVB participation in the recent conferences

Enveric Biosciences (ENVB) recently participated at the H.C. Wainwright 2nd Annual Psychedelics Conference which was held virtually on Monday, December 6, 2021. The company was presented by Dr. Joseph Tucker, Chief Executive Officer during the event.

The company also participated in the Wonderland Miami conference, which was held on November 8, 2021.

ENVB Positive Preclinical Data for EV102

On November 18, 2021, Enveric Biosciences (ENVB) announced that EV102, the Company’s cannabidiol (CBD) based product in development for the topical prescription treatment of radiodermatitis, has demonstrated a significant and meaningful reduction in dermatitis severity, skin redness, and duration in a preclinical rodent model.

ENVB Inclusion in AdvisorShares Psychedelics ETF

On November 8, 2021, Enveric Biosciences (ENVB) was included in the new AdvisorShares Psychedelics ETF, trading under the ticker symbol “PSIL” on the NYSE Arca exchange.

At this moment, Chief Executive Officer of Enveric Biosciences, Dr. Joseph Tucker said that the inclusion of Enveric Biosciences in AdvisorShares Psychedelics ETF is an important milestone for us as it validates Enveric’s platform of next-generation psychedelic and cannabinoid medicines. He further said that the addition will also help bolster our visibility and exposure across the global investment community.

Conclusion

Well, as of this writing, there is no latest development about the company which could justify its early loss and later its recovery in the after-hours on Wednesday. We hope that it will continue its positive momentum on Thursday as well.

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