Enveric Biosciences Inc. (ENVB) shares gained 5.77% in after-hours on Monday, June 28, 2021, and closed the day at $2.75 per share. Earlier in the morning session, ENVB’s stock gained 19.82% to close Monday’s session at $2.60. ENVB shares have fallen 58.33% over the last 12 months, and they have moved up 25.60% in the past week. Over the past three months, the stock has lost 10.65%, while over the past six months, it has plummeted 61.54%.
Let’s see is there any recent news behind its good performance on Monday?
9th Emerging Growth Conference
The 9th Emerging Growth Conference was hosted by EmergingGrowth.com which held on June 9, 2021.
The Enveric participated in the conference and the chairman and CEO of the company, David Johnson presented the company at the conference.
The Emerging Growth Conference identifies companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and the overall potential for long-term growth.
Participation in the recent investor conferences
Enveric Biosciences and MagicMed Industries recently participated at Benzinga Capital Conference which held on Friday, June 4, 2021. The President and CEO of MagicMed, Dr. Joseph Tucker presented the company.
The company also took part in LD Micro Invitational XI conference which held on June 8, 2021, where it was presented by chairman and CEO of the company, David Johnson.
Acquisition of MagicMed Industries
On May 24, 2021, Enveric Biosciences entered into a definitive agreement to acquire MagicMed Industries Inc.
According to the agreement, Dr. Joseph Tucker will be appointed Chief Executive Officer of the Company and David Johnson, current Chief Executive Officer and Chairman will be appointed Executive Chairman.
Recent financial results announcement
On May 18, 2021, Enveric Biosciences, Inc announced its financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- Net cash used in operating activities was $3,162,278during Q1 2021.
- Total operating expenses were $6,764,997for the quarter ending March 31, 2021, compared to $836,702 for Q1 2020.
- In Q1 2021 financial activities provided total net cash of $24,881,733.
- Enveric Biosciences suffered a net loss of $3,250,711 in Q1 2021 compared to $ 1,098,461 in Q1 2020.
- Net loss per share basic and diluted was $0.20 per share in Q1 2021 compared to $0.19 per share in Q1 2020.
New Scientific Advisory Board member
On May 12, 2021, Enveric Biosciences appointed Arash Asher, M.D., Director of Cancer Rehabilitation and Survivorship at the Cedars-Sinai Cancer Center, to the Company’s Scientific Advisory Board.
Dr Asher holds a physical medicine and rehabilitation residency at the UCLA / West Los Angeles Veterans Affairs program, as well as a cancer rehabilitation fellowship at the MD Anderson Cancer Center. He is board-certified by the American Board of Physical Medicine and Rehabilitation and Hospice and Palliative Medicine.
Conclusion
Well, as of this writing, there is no recent news or development behind its good performance on Monday. We hope that ENVB will continue to outperform other companies in the coming days.
