Enveric Biosciences shares are trading higher after the company announced that it signed two non-binding term sheets with an undisclosed biotechnology company to pursue the out-licensing of cannabinoid-COX-2 conjugate compounds for pharmaceutical and non-pharmaceutical applications for the treatment of joint diseases.
Portfolio Pulse from Benzinga Newsdesk
Enveric Biosciences shares surged following the announcement of two non-binding term sheets signed with an undisclosed biotech company for out-licensing cannabinoid-COX-2 conjugate compounds for treating joint diseases.
March 19, 2024 | 11:47 am
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POSITIVE IMPACT
Enveric Biosciences' stock price is likely to experience a short-term increase following the announcement of strategic out-licensing agreements for its cannabinoid-COX-2 conjugate compounds.
The announcement of signing non-binding term sheets for out-licensing its compounds indicates potential future revenue streams and strategic partnerships, which are typically viewed positively by investors and can lead to a short-term increase in stock price.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90