ESSA Pharma (NASDAQ:EPIX) Share Price Crosses Below 50 Day Moving Average – Here’s Why

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI)’s stock price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $1.73 and traded as low as $1.64. ESSA Pharma shares last traded at $1.66, with a volume of 127,294 shares changing hands.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Piper Sandler cut shares of ESSA Pharma from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $2.00 in a research note on Monday, November 4th. Oppenheimer lowered ESSA Pharma from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Finally, Jefferies Financial Group downgraded ESSA Pharma from a “buy” rating to a “hold” rating in a research report on Monday, November 4th.

ESSA Pharma Stock Performance

The company has a market capitalization of $73.69 million, a price-to-earnings ratio of -2.41 and a beta of 1.60. The company has a 50-day moving average price of $1.73 and a 200-day moving average price of $3.34.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last posted its earnings results on Tuesday, February 11th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($0.01). As a group, sell-side analysts anticipate that ESSA Pharma Inc. will post -0.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ESSA Pharma

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC acquired a new stake in shares of ESSA Pharma in the 4th quarter valued at approximately $26,000. Two Sigma Securities LLC acquired a new stake in ESSA Pharma in the fourth quarter valued at $29,000. GTS Securities LLC acquired a new stake in ESSA Pharma in the fourth quarter valued at $30,000. FNY Investment Advisers LLC bought a new position in shares of ESSA Pharma in the 4th quarter valued at about $44,000. Finally, Cubist Systematic Strategies LLC acquired a new position in shares of ESSA Pharma during the 4th quarter worth about $47,000. 75.12% of the stock is currently owned by institutional investors and hedge funds.

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.