Opioid Developer Ensysce Biosciences Stock Is Shooting Higher Today - Here's Why
Portfolio Pulse from Vandana Singh
Ensysce Biosciences Inc (NASDAQ:ENSC) received an FDA Breakthrough Therapy Designation for its opioid PF614-MPAR, designed to provide pain relief while preventing overdose. The designation, granted to fewer than 300 drugs, will expedite the drug's development and review. ENSC's stock rose 42.20% to $1.62 following the news.
January 23, 2024 | 6:13 pm
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POSITIVE IMPACT
Ensysce Biosciences' stock surged after the FDA granted Breakthrough Therapy Designation to PF614-MPAR, which may substantially improve over existing therapies for pain relief and overdose prevention.
The FDA's Breakthrough Therapy Designation is a significant positive development for Ensysce Biosciences, indicating that PF614-MPAR has potential to offer substantial improvement over existing therapies. This news is likely to generate investor optimism, potentially leading to increased investment and a higher stock price in the short term. The stock's sharp rise on the announcement day reflects the market's positive reception of this news.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100