Ensysce Biosciences (NASDAQ:ENSC) Trading Down 6.5% – Should You Sell?

Ensysce Biosciences, Inc. (NASDAQ:ENSC)’s stock price was down 6.5% on Wednesday . The company traded as low as $5.53 and last traded at $5.61. Approximately 27,856 shares were traded during mid-day trading, a decline of 45% from the average daily volume of 50,405 shares. The stock had previously closed at $6.00.

Ensysce Biosciences Price Performance

The stock has a market cap of $7.35 million, a PE ratio of -0.20 and a beta of 0.54. The company’s fifty day moving average is $7.28 and its 200-day moving average is $6.60.

Hedge Funds Weigh In On Ensysce Biosciences

An institutional investor recently bought a new position in Ensysce Biosciences stock. Anson Funds Management LP bought a new position in shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 983,518 shares of the company’s stock, valued at approximately $236,000. Anson Funds Management LP owned 11.15% of Ensysce Biosciences as of its most recent SEC filing. 5.63% of the stock is currently owned by institutional investors.

About Ensysce Biosciences

Ensysce Biosciences, Inc, a clinical-stage pharmaceutical company, engages in developing various prescription drugs for severe pain relief in opioid misuse, abuse, and overdose in the United States. It develops products using Trypsin Activated Abuse Protection (TAAP) platform, an abuse-resistant opioid prodrug technology; and Multi-Pill Abuse Resistance (MPAR) platform, an over-dose protection opioid prodrug technology.