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

Ensysce Biosciences, Inc. (NASDAQ:ENSC) saw a significant decline in short interest in the month of March. As of March 13th, there was short interest totaling 132,839 shares, a decline of 59.3% from the February 26th total of 326,647 shares. Currently, 3.8% of the shares of the company are short sold. Based on an average daily trading volume, of 2,176,167 shares, the days-to-cover ratio is presently 0.1 days.

Ensysce Biosciences Stock Down 3.6%

Shares of ENSC opened at $0.53 on Friday. The business has a 50-day simple moving average of $0.57 and a two-hundred day simple moving average of $1.36. Ensysce Biosciences has a 52 week low of $0.31 and a 52 week high of $4.85. The stock has a market cap of $1.91 million, a price-to-earnings ratio of -0.08 and a beta of 1.14.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Ensysce Biosciences in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, Ensysce Biosciences presently has an average rating of “Sell”.

Institutional Investors Weigh In On Ensysce Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. TRU Independence Asset Management 2 LLC purchased a new position in Ensysce Biosciences during the third quarter valued at approximately $25,000. Citadel Advisors LLC purchased a new stake in shares of Ensysce Biosciences in the third quarter worth $34,000. Virtu Financial LLC bought a new stake in shares of Ensysce Biosciences during the 3rd quarter valued at $34,000. DRW Securities LLC raised its position in shares of Ensysce Biosciences by 42.4% during the 4th quarter. DRW Securities LLC now owns 98,481 shares of the company’s stock valued at $91,000 after purchasing an additional 29,336 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its stake in shares of 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. 5.63% of the stock is owned by hedge funds and other institutional investors.

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.