Ensysce Biosciences, Inc. (NASDAQ:ENSC) Sees Large Decline in Short Interest

Ensysce Biosciences, Inc. (NASDAQ:ENSC) was the target of a large decrease in short interest in October. As of October 30th, there was short interest totaling 88,607 shares, a decrease of 70.8% from the October 15th total of 303,956 shares. Based on an average daily trading volume, of 264,785 shares, the days-to-cover ratio is presently 0.3 days. Currently, 0.5% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wall Street Zen upgraded shares of Ensysce Biosciences to a “hold” rating in a report on Saturday, August 8th. Cantor Fitzgerald started coverage on shares of Ensysce Biosciences in a research report on Tuesday, October 20th. They issued an “overweight” rating and a $2.00 price target for the company. Weiss Ratings upgraded shares of Ensysce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, October 30th. Finally, UBS Group assumed coverage on shares of Ensysce Biosciences in a research note on Thursday. They set a “buy” rating and a $2.00 price objective on the stock. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ensysce Biosciences currently has an average rating of “Hold” and an average target price of $2.00.

Institutional Inflows and Outflows

An institutional investor recently bought a new stake in Ensysce Biosciences stock. StoneX Group Inc. bought a new position in shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 138,563 shares of the company’s stock, valued at approximately $58,000. StoneX Group Inc. owned 0.71% of Ensysce Biosciences at the end of the most recent reporting period. 5.63% of the stock is currently owned by hedge funds and other institutional investors.

Ensysce Biosciences Stock Performance

ENSC stock traded up $0.03 during trading on Friday, reaching $0.42. 415,081 shares of the company traded hands, compared to its average volume of 6,553,237. Ensysce Biosciences has a 12 month low of $0.23 and a 12 month high of $2.17. The business has a 50 day simple moving average of $0.45 and a 200 day simple moving average of $0.41. The company has a market capitalization of $8.14 million, a price-to-earnings ratio of -0.15 and a beta of 1.11.

Ensysce Biosciences (NASDAQ:ENSC) last announced its earnings results on Thursday, August 13th. The company reported ($0.20) EPS for the quarter, hitting analysts’ consensus estimates of ($0.20). The business had revenue of $1.16 million during the quarter, compared to the consensus estimate of $1.20 million. Ensysce Biosciences had a negative net margin of 280.53% and a negative return on equity of 2,550.30%. As a group, research analysts forecast that Ensysce Biosciences will post -0.60 EPS for the current year.

Ensysce Biosciences Company Profile

Ensysce Biosciences, Inc. is a clinical-stage biotechnology company focused on developing prescription medicines designed to address opioid abuse, misuse and overdose. The company’s technology is intended to preserve the therapeutic benefits of opioid pain medicines while incorporating mechanisms that may reduce the risks associated with tampering or excessive dosing. Ensysce’s lead product candidate, PF614, is an investigational extended-release oxycodone prodrug designed to be activated in the gastrointestinal tract.