Ensysce Biosciences (NASDAQ:ENSC) Shares Cross Above 50 Day Moving Average – Should You Sell?

Shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $0.45 and traded as high as $0.47. Ensysce Biosciences shares last traded at $0.4523, with a volume of 59,446 shares.

Analyst Ratings Changes

ENSC has been the topic of several research analyst reports. Wall Street Zen raised shares of Ensysce Biosciences to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald started coverage on shares of Ensysce Biosciences in a research report on Tuesday, October 20th. They issued an “overweight” rating and a $2.00 price objective for the company. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ensysce Biosciences in a report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Ensysce Biosciences has a consensus rating of “Hold” and an average price target of $2.00.

Ensysce Biosciences Price Performance

The stock has a 50-day moving average of $0.45 and a 200 day moving average of $0.44. The stock 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 posted its quarterly earnings results on Thursday, August 13th. The company reported ($0.20) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.20). Ensysce Biosciences had a negative net margin of 280.53% and a negative return on equity of 2,550.30%. The business had revenue of $1.16 million during the quarter, compared to the consensus estimate of $1.20 million. Sell-side analysts anticipate that Ensysce Biosciences, Inc. will post -0.60 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ensysce Biosciences news, Director Bob Gower bought 400,000 shares of the stock in a transaction on Friday, August 7th. The stock was purchased at an average price of $0.49 per share, with a total value of $196,000.00. Following the acquisition, the director owned 916,740 shares of the company’s stock, valued at approximately $449,202.60. The trade was a 77.41% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.80% of the company’s stock.

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.