Ensysce Biosciences, Inc. (NASDAQ:ENSC) Shares Shorted: Short Interest Down 71.9% in October

Ensysce Biosciences, Inc. (NASDAQ:ENSC) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 303,956 shares, a decline of 71.9% from the September 30th total of 1,080,946 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 804,737 shares, the short-interest ratio is presently 0.4 days.

Ensysce Biosciences Stock Down 3.9%

Shares of NASDAQ:ENSC traded down $0.02 during midday trading on Friday, reaching $0.42. 69,960 shares of the company traded hands, compared to its average volume of 6,850,133. Ensysce Biosciences has a 12 month low of $0.23 and a 12 month high of $2.23. The firm’s fifty day moving average price is $0.45 and its two-hundred day moving average price is $0.44. The firm has a market capitalization of $8.19 million, a price-to-earnings ratio of -0.15 and a beta of 1.00.

Ensysce Biosciences (NASDAQ:ENSC) last released its quarterly earnings results on Thursday, August 13th. The company reported ($0.20) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.20). Ensysce Biosciences had a negative return on equity of 2,550.30% and a negative net margin of 280.53%. The business had revenue of $1.16 million for the quarter, compared to the consensus estimate of $1.20 million. Analysts forecast that Ensysce Biosciences will post -0.60 earnings per share for the current year.

Insider Transactions at Ensysce Biosciences

In other Ensysce Biosciences news, Director Bob Gower acquired 400,000 shares of the company’s stock in a transaction on Friday, August 7th. The stock was acquired at an average price of $0.49 per share, for a total transaction of $196,000.00. Following the purchase, the director directly owned 916,740 shares of the company’s stock, valued at $449,202.60. This trade represents a 77.41% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.80% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Ensysce Biosciences to a “hold” rating in a report on Saturday, August 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Ensysce Biosciences in a report on Thursday, October 15th. Finally, Cantor Fitzgerald initiated coverage on Ensysce Biosciences in a research note on Tuesday, October 20th. They set an “overweight” rating and a $2.00 price target for the company. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Ensysce Biosciences presently has an average rating of “Hold” and a consensus target price of $2.00.

Ensysce Biosciences Company Profile

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.