ESSA Pharma (NASDAQ:EPIX) Shares Pass Above 50 Day Moving Average – What’s Next?

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI)’s stock price crossed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.72 and traded as high as $1.76. ESSA Pharma shares last traded at $1.72, with a volume of 59,875 shares trading hands.

Analyst Upgrades and Downgrades

EPIX has been the topic of several recent analyst reports. Piper Sandler cut shares of ESSA Pharma from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $15.00 to $2.00 in a research note on Monday, November 4th. Jefferies Financial Group downgraded ESSA Pharma from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Oppenheimer lowered ESSA Pharma from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th.

ESSA Pharma Price Performance

The firm has a market capitalization of $76.35 million, a PE ratio of -2.49 and a beta of 1.60. The business’s 50 day moving average is $1.72 and its two-hundred day moving average is $3.50.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last issued its quarterly earnings results on Tuesday, February 11th. The company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.01). Analysts expect that ESSA Pharma Inc. will post -0.42 EPS for the current fiscal year.

Institutional Investors Weigh In On ESSA Pharma

Several hedge funds have recently added to or reduced their stakes in the company. Squarepoint Ops LLC bought a new position in shares of ESSA Pharma during the 4th quarter valued at about $26,000. Two Sigma Securities LLC purchased a new stake in ESSA Pharma in the fourth quarter worth approximately $29,000. GTS Securities LLC purchased a new stake in ESSA Pharma in the fourth quarter worth approximately $30,000. FNY Investment Advisers LLC bought a new position in ESSA Pharma during the fourth quarter valued at approximately $44,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of ESSA Pharma during the fourth quarter worth approximately $47,000. Institutional investors own 75.12% of the company’s stock.

ESSA Pharma Company Profile

ESSA Pharma Inc, a clinical stage pharmaceutical company, focuses the development of small molecule drugs for the treatment of prostate cancer. The company’s lead candidate EPI-7386, an androgen receptor based resistance mechanisms that develop in patients with castration-resistant prostate cancer and metastatic castration-resistant prostate cancer.