cbd-focused-enveric-biosciences-stock-soars-on-heavy-volume-after-license-deal-with-cancer-treatment-company

CBD-focused Enveric Biosciences stock soars on heavy volume after license deal with cancer treatment company

Business

Shares of Enveric Biosciences Inc. ENVB, +75.26% doubled in very heavy volume in midday trading Wednesday, after the Florida-based biotechnology company focused on cannabinoid-based treatments and cancer treatments said it acquired a perpetual license from Diverse Biotech for novel molecules for developing cancer treatments. Trading volume ballooned to 214.6 million shares, compared with the full-day average of about 2.4 million shares over the past 30 days. Enveric’s stock, which was up 100%, was both the biggest gainer and most actively traded on major U.S. exchanges. “This is an exclusive, novel way of bringing together CBD and well-known, existing compounds that hold promise to create a new, improved drug class,” added Enveric Chief Executive David Johnson. “As a patient-centric company, Enveric is constantly looking for new ways to eliminate or minimize cancer treatment side effects for patients in need.” Enveric’s stock has still lost 7.9% over the past three months, while the iShares Nasdaq Biotechnology ETF IBB, +0.30% has tacked on 1.7% and the S&P 500 SPX, +0.74% has gained 6.3%.