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

Ensysce Biosciences, Inc. (NASDAQ:ENSC) was the recipient of a significant drop in short interest in May. As of May 29th, there was short interest totaling 50,601 shares, a drop of 93.8% from the May 14th total of 814,605 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 874,310 shares, the short-interest ratio is currently 0.1 days.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Ensysce Biosciences in a research note on Tuesday, April 21st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the stock has an average rating of “Sell”.

Institutional Investors Weigh In On Ensysce Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new stake in Ensysce Biosciences during the third quarter worth about $34,000. Citadel Advisors LLC acquired a new stake in Ensysce Biosciences during the third quarter worth about $34,000. DRW Securities LLC increased its position in Ensysce Biosciences by 42.4% during the fourth quarter. DRW Securities LLC now owns 98,481 shares of the company’s stock worth $91,000 after purchasing an additional 29,336 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in 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 worth $138,000 after purchasing an additional 75,000 shares during the last quarter. 5.63% of the stock is currently owned by institutional investors and hedge funds.

Ensysce Biosciences Stock Performance

Shares of NASDAQ:ENSC traded up $0.00 during midday trading on Tuesday, hitting $0.25. The company’s stock had a trading volume of 1,129,772 shares, compared to its average volume of 1,255,055. Ensysce Biosciences has a 12-month low of $0.23 and a 12-month high of $2.75. The company has a market cap of $3.90 million, a P/E ratio of -0.08 and a beta of 0.83. The business’s 50 day simple moving average is $0.39 and its 200 day simple moving average is $0.71.

Ensysce Biosciences (NASDAQ:ENSC) last released its quarterly earnings data on Friday, May 15th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.21. Ensysce Biosciences had a negative net margin of 250.39% and a negative return on equity of 766.45%. The firm had revenue of $0.96 million during the quarter, compared to analysts’ expectations of $1.00 million. On average, sell-side analysts predict that Ensysce Biosciences will post -1.98 earnings per share for the current fiscal year.

About Ensysce Biosciences

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.