Ensysce Biosciences Inc. (ENSC) fell by 17.87% in the after-hours, following its huge gain of 136.30% in regular trading on December 07. Hence, the stock has entered market corrections, as profit booking started in the after hours.
Mid-day trading, the stock fluctuated between $1.3600 and $3.5199 at a super active volume of 147.24 million shares. Closing the session at $3.1900, the stock plunged in the after-hours to $2.6200 at 6.69 million shares.
What’s happening?
The clinical-stage biopharmaceutical company’s stock saw its 65-day high in Tuesday’s regular trading. The stock went up by a staggering 136.30%, making its previous five-day gain reach 101.90%. While the stock’s one-month gains went up to 45.66%, it has still lost 74.35% year to date.
Apparently, no news from ENSC was the reason for the stock’s big jump on Tuesday. The stock saw 4,807% of its average 65-day volume. Hence, it seems investors were in search of good penny stocks to earn some profit from.
ENSC’s Clinical Trial Progress
On November 30, the company shared the clinical trial progress of its new class opioid, PF614. According to the report, the positive safety review and last cohort enrollment were completed for the second study of PF614. The PF614 is a Trypsin-Activated Abuse Protected (TAAP) opioid that works as a prodrug with delayed onset oxycodone.
Moreover, the report also stated that ENSC advanced the trial to the highest dose level due to a positive safety review from its SRC (Safety Review Committee).
Further, the data from the study is expected in the first quarter of 2022. After the end of the current cohort, the company expects to start the BE stage of the study in January 2022.
ENSC in Numbers
Ensysce Biosciences Inc. announced its third-quarter financial results for 2021, on November 15. According to the third quarter of 2021, ENSC had research and development expenses of $1.7 million. This compares to $0.9 million in the third quarter of 2020.
Moreover, the third quarter of 2021, saw general and administrative expenses of $16.4 million, against $0.3 million in the year-ago quarter.
Further, the company incurred a net loss of $17.2 million in the third quarter of 2021, against $1.6 million in the year-ago period.
In addition, ENSC ended the third quarter with cash and cash equivalents of $6.8 million on September 30, 2021. After which, additional $10 million funding was received by the company, under its convertible note financing on November 05.
