24/7 Market News Snapshot 15 October, 2024 – Enveric Biosciences, Inc. Common Stock (NASDAQ:ENVB)

October 15, 2024

DENVER, Colo., 15 October, 2024 (247marketnews.com) – (NASDAQ:ENVB) are discussed in this article.
Enveric Biosciences, Inc. (ENVB) has garnered considerable attention in recent trading sessions, with its stock experiencing a notable increase in pre-market trading, reaching a price of $0.537, reflecting a substantial rise of 30.34% from the prior close of $0.412. This surge, supported by a trading volume of 7.89 million shares, highlights a robust investor interest and signals growing confidence in the company’s innovative strategies focused on the development of psychedelics for addressing mental health issues.

In addition to the positive market response, Enveric has announced encouraging results from preclinical safety studies regarding its lead drug candidate, EB-003. This candidate aims to provide new therapeutic pathways for depression, anxiety, and addiction disorders, showcasing a promising safety profile in preclinical evaluations. The studies assessed EB-003’s interactions with critical serotonergic neuroreceptors, revealing minimal off-target activity that significantly reduces the risk of adverse cardiovascular and neurological effects, which are common issues associated with neuroactive drugs.

The screening process confirmed that EB-003 does not significantly engage with the hERG and 5-HT2B receptors, both of which are often linked with cardiovascular risks. CEO Joseph Tucker, Ph.D., remarked on the importance of these findings, stating that they “significantly derisk EB-003.” He emphasized the enhanced confidence in the compound’s therapeutic potential, especially in light of its effectiveness observed in animal models for treating mental health conditions.

Enveric is advancing towards the submission of an Investigational New Drug (IND) application by the third quarter of 2025, with clinical trials expected to commence by the year’s end. Through the development of EB-003, Enveric aims to make significant strides in mental health treatment, aspiring to remedy complex disorders while prioritizing safety and efficacy.

Related news for (ENVB)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.