Short Interest in Ensysce Biosciences, Inc. (NASDAQ:ENSC) Declines By 52.6%

Ensysce Biosciences, Inc. (NASDAQ:ENSC) was the recipient of a large drop in short interest in July. As of July 31st, there was short interest totaling 191,291 shares, a drop of 52.6% from the July 15th total of 403,334 shares. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 244,582 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Trading of Ensysce Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Citadel Advisors LLC bought a new position in Ensysce Biosciences in the 3rd quarter valued at approximately $34,000. Virtu Financial LLC acquired a new position in Ensysce Biosciences in the 3rd quarter valued at approximately $34,000. DRW Securities LLC raised its stake in shares of Ensysce Biosciences by 42.4% during the fourth quarter. DRW Securities LLC now owns 98,481 shares of the company’s stock valued at $91,000 after acquiring an additional 29,336 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Ensysce Biosciences by 100.4% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 149,711 shares of the company’s stock valued at $138,000 after acquiring an additional 75,000 shares during the last quarter. 5.63% of the stock is currently owned by institutional investors.

Ensysce Biosciences Stock Down 5.8%

Shares of NASDAQ ENSC traded down $0.02 during midday trading on Monday, reaching $0.38. 2,586,362 shares of the company were exchanged, compared to its average volume of 8,961,919. The stock’s 50-day moving average price is $0.30 and its 200-day moving average price is $0.40. The stock has a market cap of $5.79 million, a P/E ratio of -0.14 and a beta of 0.84. Ensysce Biosciences has a one year low of $0.23 and a one year high of $2.75.

Ensysce Biosciences (NASDAQ:ENSC) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.20) EPS for the quarter, meeting analysts’ consensus estimates of ($0.20). The company had revenue of $1.16 million during the quarter, compared to analysts’ expectations of $1.20 million. Ensysce Biosciences had a negative return on equity of 2,550.30% and a negative net margin of 280.53%. On average, equities research analysts anticipate that Ensysce Biosciences will post -1.27 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Wall Street Zen upgraded Ensysce Biosciences to a “hold” rating in a research report on Saturday, August 8th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ensysce Biosciences in a research note on Friday, July 17th. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Ensysce Biosciences currently has a consensus rating of “Sell”.

Ensysce Biosciences Company Profile

Ensysce Biosciences, Inc is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel prodrug therapies aimed at improving pain management and addressing opioid misuse. Leveraging its proprietary prodrug platform, the company designs drug candidates that convert into active pharmaceuticals through specific enzymatic action, providing controlled-release profiles and built-in abuse deterrence features.

The company’s lead product candidate, ENS100, is an investigational oral prodrug of hydrocodone engineered to reduce the potential for misuse and abuse compared to immediate-release opioid formulations.