ESSA Pharma (NASDAQ:EPIX) Share Price Crosses Above 50 Day Moving Average – What’s Next?

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI)’s stock price passed above its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $1.73 and traded as high as $1.79. ESSA Pharma shares last traded at $1.72, with a volume of 248,601 shares trading hands.

Wall Street Analysts Forecast Growth

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

ESSA Pharma Stock Performance

The stock’s 50 day moving average is $1.73 and its 200 day moving average is $3.84. The company has a market capitalization of $76.35 million, a PE ratio of -2.69 and a beta of 1.61.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last posted its quarterly earnings results on Tuesday, December 17th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.05. On average, equities research analysts forecast that ESSA Pharma Inc. will post -0.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. FNY Investment Advisers LLC bought a new position in shares of ESSA Pharma in the fourth quarter worth approximately $44,000. Magnus Financial Group LLC purchased a new stake in ESSA Pharma during the fourth quarter valued at about $99,000. Parkman Healthcare Partners LLC increased its stake in ESSA Pharma by 37.2% in the 3rd quarter. Parkman Healthcare Partners LLC now owns 345,902 shares of the company’s stock worth $2,096,000 after purchasing an additional 93,830 shares during the period. Finally, RTW Investments LP boosted its stake in shares of ESSA Pharma by 41.9% during the third quarter. RTW Investments LP now owns 3,261,496 shares of the company’s stock valued at $19,765,000 after purchasing an additional 962,834 shares during the period. Institutional investors own 75.12% of the company’s stock.

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.