Shares of Enveric Biosciences, Inc. (ENVB) were rising in the pre-market today on September 3, 2021. ENVB stock price saw a push of 15.83% to reach $2.56 a share at the time of this writing. The stock was also green in the previous trade and went up by 5.24% at closing. Let’s understand the reason behind this bull.

What’s Happening?

Enveric Biosciences, Inc is the pharmaceutical stock that operates through the development of various cannabinoid medicines to cure cancer. Its main focus is to develop therapeutics that possess no side effects to patients. There is no recent news of ENVB stock not even in the previous week associated with the current bullish sentiment. No analyst has upgraded or increased the targeted per share price of ENVB stock in recent days. It looks like social media discussion among investors is making the stock price high. At this time, it is better to discuss some recent events of this stock.

Pipeline progress of ENVB stock:

• EV101 has received the Phase 1/2 trial approval in Tel Aviv. The stock is looking forward to seeking the best pathway to proceed further with this initiative.
• EV102 is continuously progressing in the development programs of ENVB stock. There are strong chances that EV102 will be in the clinic by the first half of 2022.
• EV104 is another discovery stage program of Enveric Biosciences that relieves the pain.

MagicMed Acquisition by ENVB stock:

Back in May 2021, ENVB stock signed a definitive agreement with MagicMed Industries Inc to acquire the latter in an all-stock transaction. The purpose of this acquisition is to expand and complement the current pipeline of naturally occurring compounds of ENVB stock. The proposed transaction has now cleared the regulatory approvals. Both parties are now waiting for shareholders’ vote regarding matters that relate to proposed transactions. The ENVB management expects that this transaction will close late in the third quarter or early in the fourth quarter.

The combination with MegicMed will drive the Enveric in its drug discovery and clinical programs. The stock will then emerge as a powerful clinical-stage mental health company.

Conclusion:

ENVB stock is hot among investors in the stock market despite the absence of any specific news. Along with cannabinoid-based therapeutics, the management is keen to emerge Enveric Biosciences as the mental health company through the MagicMed acquisition. The stock has lost almost 45% year to date. Investors should be aware of all the nitty-gritty of ENVB stock before making any decision.