Enveric Biosciences (NASDAQ:ENVB) Stock Continues to Trend Higher: But Why
This morning, most investors would be looking into those stocks that may have made strong gains this past Friday, and one such stock was that of Enveric Biosciences (NASDAQ:ENVB). The biotech company saw its stock clock gains of as much as 13% last Friday. That took the gains made by the stock over the previous week to 20%. Enveric Biosciences is a biotech firm that is involved in the development of unique neuroplastogenic small-molecule therapies meant for treating anxiety, depression, and addiction-related issues.
On November 27, the company announced that the cover of the Journal of Medicinal Chemistry would publish a research article on the development of its lead therapeutic. The company’s lead therapeutic is EB 373, a unique psilocin prodrug. The above-mentioned journal is peer-reviewed and published by the American Chemical Society.
The article is going to be titled “Novel psilocin prodrugs with altered pharmacological properties as candidate therapies for treatment-resistant anxiety disorders.” The article would provide a description of the creation of a novel pro-drug psilocin derivative library. The creation of such a library would happen with the incorporation of a variety of functional groups. The groups would help in changing the physiological processing, absorption, and exposure to the concerned psychoactive agent.
The Chief Executive Officer and Director of Enveric Biosciences, Joseph Tucker, spoke about the latest developments as well. He noted that the publication of the article as the cover article of the issue of the Journal of Medicinal Chemistry was going to be a major milestone for the company.
Additionally, it was also going to be a significant step in helping with the validation of the innovation engine of Enveric Biosciences. He went on to add that, as revealed in the peer-reviewed article in the journal, the researchers at Enveric Biosciences had been successful in the development of a thorough approach regarding the evaluation of unique psybrary compounds.
