Shares of Ensysce Biosciences (NASDAQ:ENSC) have been gaining momentum over the past week with a jump of 12%.
Market Reaction
On Tuesday, ENSC stock fell 0.63% to $1.58 with more than 133k shares, compared to its average volume of 911k shares. The stock has moved within a range of $1.5300 – 1.7200 after opening trade at $1.72.
Ensysce Biosciences Proceeds with Next Stage of Clinical Trial of its New Class of Opioids
Ensysce Biosciences (NASDAQ:ENSC), which focuses on novel technologies that could lead to new forms of treatment for those in severe pain, announced on November 30, 2021, they have completed enrollment of the last batch of subject at the highest dose level in the company’s second study of its Trypsin Activated Abuse Protected (TAAP) Opioid, PF614.
The study is a Phase 1b, Randomized, 2-Part Single-Center Study to Evaluate the Pharmacokinetics and Safety of Multiple-Ascending Oral Doses (MAD) of PF614 and the Food Effect and Bioavailability/Bioequivalence (BE) of Single Oral Doses of PF614 Relative to OxyContin in Healthy Adult Subjects.
The safety review regarding the clinical study is also done, with positive results. The Safety Review Committee has given the green light, so the trial is moving ahead as planned. They company is all set to enter the bioequivalence stage of the study in January 2022, with data expected from the MAD study and BE study in Q1 and Q2 of 2022, respectively.
Dr. William Schmidt, Chief Medical Officer of Ensysce, states they are hopeful considering the trial results till date. They are dedicated towards bringing their flagship next generation opioid products to market. Through the study, they are looking to introduce a unique batch of products that addresses the present opioid crisis and offers safer options for prescribers and patients.
Traders Review
ENSC stock is trading below the 20-Day and 200-Day Moving averages of $1.86 and $2.45 respectively. Moreover, the stock is trading below the 50-Day moving average of $8.57. The stock is down 48% over the past 3-month.
