Should Enveric Biosciences be in Your Stock Portfolio? By StockNews

© Reuters. Should Enveric Biosciences be in Your Stock Portfolio?

Enveric Biosciences (ENVB) garnered significant market attention, announcing its proposed acquisition of MagicMed in May 2021. However, is it smart to bet on the stock now, as it has yet to generate revenue? Let’s find out.Early-development-stage biosciences company Enveric Biosciences, Inc. (ENVB) is engaged in developing various cannabinoid-based solutions to treat those adversely affected by the side effects of cancer treatments. Its shares soared 10.5% over the past three months on the back of investor optimism surrounding the proposed acquisition of MagicMed Industries Inc. This could help ENVB expand its oncology and central nervous system (CNS) product portfolio.

However, investigations are ongoing against ENVB regarding the proposed acquisition, which could negatively impact the company’s business. The stock has lost 38.3% year-to-date and 60.4% over the past nine months to close Friday’s trading session at $2.63. Moreover, the company is yet to generate revenue, and its losses widened in the second quarter. So, its near-term prospects look uncertain.

Here’s what I think could influence ENVB’s performance in the near term:

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