Enveric Biosciences (ENVB – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Vernon Bernardino from H.C. Wainwright reiterated a Buy rating on the stock and has a $10.00 price target.
Vernon Bernardino’s rating is based on several promising developments at Enveric Biosciences. The issuance of the first patent for the EVM401 series marks a significant milestone, expanding the company’s pipeline with new non-hallucinogenic compounds designed to target addiction and neuropsychiatric disorders. This patent not only strengthens Enveric’s intellectual property portfolio but also offers protection from generic competition for the next 20 years, allowing ample time for drug development and regulatory approval.
Additionally, Enveric’s approach to developing mescaline derivatives that may offer therapeutic benefits with fewer side effects is noteworthy. Preliminary data suggests these compounds interact with key neurological receptors, potentially addressing conditions such as opioid withdrawal, ADHD, and various psychiatric disorders. This innovative approach, coupled with the anticipated progress of the EB-003 program, supports Bernardino’s optimistic outlook and Buy rating for Enveric Biosciences.