Enveric Biosciences (ENVB) Stock Extends Rally: Up 40% In A Week, Here is Why

Enveric Biosciences Inc (NASDAQ:ENVB) stock continues to move higher in the pre-market session on Thursday, extending its weekly gain.

Enveric Biosciences (ENVB) Stock Extends Rally: Up 40% In A Week, Here is Why

The stock is up by another 15.23% at $2.80 in the pre-market session followed by 11.50% gains in yesterday’s trading session. The stock started its rally this morning and so far up 45% including today’s pre-market session.

However, the recent gains may sound exciting. but actually, the stock is still down over 30% so far this year and 60% from its 52-week high.

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Earlier this week, the company released its first-quarter results. Net cash provided by financing activities was $24,881,733 during the three months ended March 31, 2021, which included $21,614,488 in proceeds from the sale of common stock, net of offering costs, and $3,267,245 in proceeds from warrant exercises.

The stock is trading below its 50-day and 200-day moving average of $2.72 and $4.58 respectively.

Jack Dawkins

Finance and Tech Contributor