Ensysce Biosciences, Inc. (NASDAQ:ENSC) Short Interest Down 59.3% in March

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

Institutional Investors Weigh In On Ensysce Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in ENSC. TRU Independence Asset Management 2 LLC bought a new stake in shares of Ensysce Biosciences in the third quarter worth $25,000. Citadel Advisors LLC acquired a new position in Ensysce Biosciences during the 3rd quarter worth about $34,000. Virtu Financial LLC acquired a new position in Ensysce Biosciences during the 3rd quarter worth about $34,000. DRW Securities LLC grew its position in shares of Ensysce Biosciences by 42.4% in the 4th 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 last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in shares of Ensysce Biosciences by 100.4% in 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 buying an additional 75,000 shares during the period. 5.63% of the stock is owned by institutional investors.

Ensysce Biosciences Stock Up 1.1%

Ensysce Biosciences stock opened at $0.56 on Thursday. The stock has a market cap of $2.02 million, a PE ratio of -0.09 and a beta of 1.14. Ensysce Biosciences has a 12-month low of $0.31 and a 12-month high of $4.85. The business’s 50-day moving average price is $0.58 and its two-hundred day moving average price is $1.38.

Analysts Set New Price Targets

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

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.