Ensysce Biosciences, Inc. (NASDAQ:ENSC) Stock Short Interest Declines 70.8%

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

Hedge Funds Weigh In On Ensysce Biosciences

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

Ensysce Biosciences Trading Up 8.1%

ENSC traded up $0.03 on Friday, hitting $0.42. 415,081 shares of the company’s stock were exchanged, compared to its average volume of 6,553,237. Ensysce Biosciences has a fifty-two week low of $0.23 and a fifty-two week high of $2.17. The stock has a market cap of $8.14 million, a price-to-earnings ratio of -0.15 and a beta of 1.11. The firm has a 50-day moving average price of $0.45 and a 200-day moving average price of $0.41.

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

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Wall Street Zen raised shares of Ensysce Biosciences to a “hold” rating in a research note on Saturday, August 8th. 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 price target on the stock. Weiss Ratings upgraded Ensysce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 30th. Finally, UBS Group assumed coverage on Ensysce Biosciences in a research note on Thursday. They set a “buy” rating and a $2.00 price objective for the company. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Ensysce Biosciences presently has an average rating of “Hold” and a consensus target price of $2.00.

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.