We try not to continually focus on a specific industry or sector over and over again, but sometimes a particular industry is just on fire. That’s what we’ve been seeing in the biotech space over the last few months, and it doesn’t seem like it’s really slowing down.
Just today a California-based biotech stole the show after announced receipt of notice from the U.S Food and Drug Administration (FDA) that it has granted Breakthrough Therapy Designation (BTD) for PF614-MPAR. Traders were over the moon about the news as they snatched up shares of Ensysce Biosciences Inc. (Nasdaq:ENSC), pushing shares of the micro up to $1.91/share (+67.54%) at the session high.
Ensysce Biosciences Inc is a clinical-stage biotech company using its proprietary technology platforms to develop safer prescription drugs. The company is developing a new class of powerful, tamper-proof opioids that prevent both drug abuse and overdoses. Ensysce’s products are anticipated to provide safer options to treat severe pain and assist in preventing deaths caused by opioid abuse, reducing human and economic costs.
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