ESSA Pharma (NASDAQ:EPIX) Stock Price Passes Below 50-Day Moving Average – Time to Sell?

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $2.66 and traded as low as $1.60. ESSA Pharma shares last traded at $1.61, with a volume of 40,449 shares traded.

Analyst Upgrades and Downgrades

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

ESSA Pharma Stock Up 2.2 %

The stock has a fifty day moving average of $2.49 and a 200-day moving average of $4.44. The firm has a market capitalization of $73.02 million, a P/E ratio of -2.65 and a beta of 1.62.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last announced its quarterly earnings results on Tuesday, December 17th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. Sell-side analysts predict that ESSA Pharma Inc. will post -0.7 EPS for the current fiscal year.

Insider Buying and Selling at ESSA Pharma

In other news, major shareholder Growth N. V. Biotech sold 7,879,583 shares of ESSA Pharma stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $1.53, for a total transaction of $12,055,761.99. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 14.70% of the company’s stock.

Institutional Trading of ESSA Pharma

A hedge fund recently raised its stake in ESSA Pharma stock. RTW Investments LP lifted its holdings in ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) by 41.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,261,496 shares of the company’s stock after acquiring an additional 962,834 shares during the period. RTW Investments LP owned approximately 7.35% of ESSA Pharma worth $19,765,000 as of its most recent filing with the Securities and Exchange Commission. 75.12% of the stock is owned by institutional investors and hedge funds.

About ESSA Pharma

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.