Ensysce Biosciences (NASDAQ:ENSC) Stock Price Crosses Above 200-Day Moving Average Following Weak Earnings

Ensysce Biosciences, Inc. (NASDAQ:ENSC)’s share price passed above its 200-day moving average during trading on Friday following a stronger than expected earnings report. The stock has a 200-day moving average of $0.41 and traded as high as $0.4460. Ensysce Biosciences shares last traded at $0.4184, with a volume of 415,982 shares changing hands.

The company reported ($4.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($4.37). Ensysce Biosciences had a negative net margin of 1,473.79% and a negative return on equity of 3,069.50%. The company had revenue of $2.18 million during the quarter, compared to analysts’ expectations of $1.28 million.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. UBS Group assumed coverage on Ensysce Biosciences in a research report on Thursday. They issued a “buy” rating and a $2.00 target price for the company. Wall Street Zen upgraded Ensysce Biosciences to a “hold” rating in a research note on Saturday, August 8th. Cantor Fitzgerald initiated coverage on Ensysce Biosciences in a report on Tuesday, October 20th. They issued an “overweight” rating and a $2.00 price objective for the company. Finally, Weiss Ratings raised Ensysce Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, October 30th. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ensysce Biosciences currently has an average rating of “Hold” and a consensus price target of $2.00.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in Ensysce Biosciences stock. StoneX Group Inc. purchased a new position in shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 138,563 shares of the company’s stock, valued at approximately $58,000. StoneX Group Inc. owned approximately 0.71% of Ensysce Biosciences at the end of the most recent reporting period. Hedge funds and other institutional investors own 5.63% of the company’s stock.

Ensysce Biosciences Trading Up 8.1%

The company has a 50 day moving average price of $0.45 and a 200 day moving average price of $0.41. The firm has a market cap of $8.14 million, a PE ratio of -0.07 and a beta of 1.11.

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.