Enveric Biosciences, Inc. (ENVB), a pharmaceutical company, has seen a decline of 3.70% in premarket trading session. As a result of that, ENVB stock is changing hands at $2.86 at the time of this writing. There seems to be no apparent reason, like any press release or SEC filing, for this decline in ENVB stock. On Tuesday, ENVB stock closed the day at $2.97 after a gain of 5.32%. Let’s discuss some recent news related to ENVB stock.
ENVB received approval for study
On 8th of July, ENVB announced that the company had received the approval from Israeli Ministry of Health to initiate the Phase 1/2 portion of its study of its lead asset, EV101. The study was designed to investigate the efficiency and safety of synthetic cannabidiol (CBD) when administered alone or in combination with clomiphene. That would be used to treat the patient’s suffering from recurrent or progressive glioblastoma (GBM). The company said that the study would be conducted at Davidoff Institute of Oncology, Rabin Medical Center, in Israel under Principal Investigator Dr. Tali Siegal. The phase-1 portion of the study was meant to determine the CBD-temozolomide combination’s maximum tolerated dose (MTD). Later, Clomiphene will be added to the regimen for up to 24 patients to rule out toxicity. Afterwards, when all agents of MTD get determined, they will then be applied to phase-2 portion for determination of initial efficiency. For that, 40 additional patients are expected to be recruited. David Johnson, Chairman and CEO of Enveric Biosciences, commented that the goal of company is to demonstrate CBD’s efficacy when combined with current anti-cancer drugs to optimize the existing standard-of-care for cancer patients in need.
Q1 2021 financial results
On 18th of May, ENVB reported the quarterly results for the first quarter of fiscal year 2021, ended 31st March 2021. According to the details, the company had total assets of $25.78 million at the end of quarter. The total liabilities at the end o quarter were $6.79 million. The total operating expenses that company bore during the quarter were $6.76 million, while during the equivalent period of 2020, the operating expenses stood at $8.36 million. During the quarter, the company bore a net loss of $3.25 million, while during the equivalent period of 2020; the net loss was $1.09 million. The net loss per basic and diluted share during the quarter was $0.20 during the quarter, while during the equivalent period of 2020, it was $0.19. Commenting on the results, David Johnson, Chairman and Chief Executive Officer, said that the company would continue to show a bolstering performance in quarters to come.
What’s ahead for ENVB?
Recent performance of ENVB stock is up to the mark. The stock has gained some 72% increase during last one month, while during last one quarter; it has gained 34% increase. The EPS of company is expected to increase by 89% during current fiscal year. So, these statistics point toward a positive time ahead for ENVB stock.