Ensysce Biosciences, Inc. (NASDAQ:ENSC) Short Interest Up 46.7% in March

Ensysce Biosciences, Inc. (NASDAQ:ENSC) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 194,924 shares, an increase of 46.7% from the March 15th total of 132,839 shares. Currently, 2.2% of the shares of the company are short sold. Based on an average trading volume of 1,025,160 shares, the days-to-cover ratio is currently 0.2 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Ensysce Biosciences in a research note on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Ensysce Biosciences currently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Ensysce Biosciences

Several hedge funds have recently made changes to their positions in ENSC. Virtu Financial LLC purchased a new stake in Ensysce Biosciences during the 3rd quarter worth about $34,000. Citadel Advisors LLC purchased a new position in Ensysce Biosciences during the 3rd quarter valued at about $34,000. Adage Capital Partners GP L.L.C. grew its holdings in Ensysce Biosciences by 100.4% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 149,711 shares of the company’s stock valued at $138,000 after buying an additional 75,000 shares in the last quarter. DRW Securities LLC increased its position 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 buying an additional 29,336 shares during the period. Finally, TRU Independence Asset Management 2 LLC bought a new stake in shares of Ensysce Biosciences during the third quarter valued at about $25,000. 5.63% of the stock is currently owned by hedge funds and other institutional investors.

Ensysce Biosciences Price Performance

Shares of ENSC traded up $0.02 during trading hours on Wednesday, hitting $0.54. The company’s stock had a trading volume of 105,266 shares, compared to its average volume of 5,289,015. The business has a 50 day simple moving average of $0.50 and a two-hundred day simple moving average of $1.22. Ensysce Biosciences has a 52-week low of $0.31 and a 52-week high of $4.85. The company has a market cap of $4.97 million, a price-to-earnings ratio of -0.13 and a beta of 1.12.

Ensysce Biosciences (NASDAQ:ENSC) last released its quarterly earnings data on Monday, March 30th. The company reported ($0.75) EPS for the quarter, topping the consensus estimate of ($1.26) by $0.51. Ensysce Biosciences had a negative net margin of 200.87% and a negative return on equity of 426.62%. The company had revenue of $1.88 million during the quarter, compared to the consensus estimate of $0.50 million. Research analysts predict that Ensysce Biosciences will post -8.33 earnings per share for the current year.

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.