Ensysce Biosciences (NASDAQ:ENSC) Stock Price Down 6.5% – Here’s What Happened

Ensysce Biosciences, Inc. (NASDAQ:ENSC) shares fell 6.5% during mid-day trading on Wednesday . The stock traded as low as $5.53 and last traded at $5.61. 27,856 shares changed hands during mid-day trading, a decline of 45% from the average session volume of 50,405 shares. The stock had previously closed at $6.00.

Ensysce Biosciences Price Performance

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

Institutional Investors Weigh In On Ensysce Biosciences

A hedge fund recently bought a new stake in Ensysce Biosciences stock. Adage Capital Partners GP L.L.C. purchased a new position in shares of Ensysce Biosciences, Inc. (NASDAQ:ENSC) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 50,000 shares of the company’s stock, valued at approximately $407,000. Adage Capital Partners GP L.L.C. owned approximately 3.82% of Ensysce Biosciences at the end of the most recent quarter. Institutional investors own 5.63% of the company’s stock.

Ensysce Biosciences Company Profile

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.