PennyStocks101

ENVB New Psych Stock On The Block

NASDAQ:ENVB   Enveric Biosciences, Inc
ENVB has put up a fight at the 786 fib level for months. While it broke above and held briefly...guess where it's back to now. If you guessed the 786 fib level, you're right. But will that change this week considering what's happening?

If you’ve followed the trend in “alternative” biotech stocks, Enveric could have been one that you came across recently. That’s because the company is focusing its model more on mental health. ENVB closed its acquisition of MagicMed last week, resulting in a new arm of the company explicitly addressing mental illness. The two companies will ultimately create a library of molecules such as psilocybin, N, N-dimethyltryptamine ( DMT ), and other molecular derivatives.

Aside from this, Enveric recently launched its PsyAI using artificial intelligence to offer predictive methodologies to identify molecules for new drug discovery from its molecular library, “Psybrary,” as it’s been dubbed.

What To Watch With ENVB Stock This Week

This week, however, it isn’t this transaction that has the market’s attention. It might also not be the 14.3% short position you might assume to be a point of focus for “short squeeze stock” traders. This week, Enveric presents at 2 industry conferences. CEO Dr . Joseph Tucker will attend AGPs Biotech & Specialty Pharma Conference on October 13. He’ll also present at the KCSA Psychedelics Investor Conference on the same day.