Ensysce Biosciences (NASDAQ:ENSC) Share Price Crosses Above 200 Day Moving Average on Disappointing Earnings

Ensysce Biosciences, Inc. (NASDAQ:ENSC)’s stock price passed above its 200-day moving average during trading on Friday following a better than expected earnings announcement. The stock has a 200-day moving average of $0.41 and traded as high as $0.4460. Ensysce Biosciences shares last traded at $0.4184, with a volume of 415,982 shares changing hands.

The company reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($4.37). The company had revenue of $2.18 million during the quarter, compared to the consensus estimate of $1.28 million. Ensysce Biosciences had a negative return on equity of 3,069.50% and a negative net margin of 1,473.79%.

Wall Street Analyst Weigh In

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

Institutional Trading of Ensysce Biosciences

An institutional investor recently bought a new stake in Ensysce Biosciences stock. StoneX Group Inc. acquired a new position in Ensysce Biosciences, Inc. (NASDAQ:ENSC) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 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 institutional investors.

Ensysce Biosciences Price Performance

The company’s fifty day moving average is $0.45 and its 200-day moving average is $0.41. The stock has a market cap of $8.14 million, a PE ratio of -0.07 and a beta of 1.11.

About Ensysce Biosciences

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.