Enveric Biosciences (NASDAQ:ENVB) stock is heading higher on Tuesday alongside heavy pre-market trading of the biotechnology company’s shares.
This comes with more than 13 million shares of ENVB stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is about 583,000 shares. Investors will also note that its float is only 7.68 million units.
The heavy trading of ENVB stock today comes without any news from Enveric Biosciences. That includes a lack of press releases or filings. There also isn’t any analyst news that would send the shares higher today.
What is worth keeping in mind is that ENVB is a penny stock. This comes from its prior closing price of 50 cents and market capitalization of only $3.961 million.
What That Means for ENVB Stock
Being a penny stock opens Enveric Biosciences’ shares up to volatility and manipulation. This could come from speculative traders or retail and day traders pumping up the stock.
No matter the case, it makes ENVB shares a risky investment right now. While the stock is currently up, it might not remain that way for long without a catalyst behind its rally.
ENVB stock is up 17.8% as of Tuesday morning. However, the stock was down 60.5% year-to-date when markets closed yesterday.
Investors will want to keep reading for more of the most recent stock market stories today!
We have all of the hottest stock market news that traders need to know about on Tuesday! That includes the biggest pre-market stock movers this morning and other hot news today. You can catch up on all of that by checking out the links below!
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
