ESSA Pharma (NASDAQ:EPIX) Stock Price Crosses Below 50 Day Moving Average – Should You Sell?

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) crossed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $1.74 and traded as low as $1.73. ESSA Pharma shares last traded at $1.77, with a volume of 131,678 shares trading hands.

Wall Street Analysts Forecast Growth

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

ESSA Pharma Price Performance

The business has a 50-day simple moving average of $1.74 and a two-hundred day simple moving average of $4.14. The stock has a market cap of $78.57 million, a price-to-earnings ratio of -2.85 and a beta of 1.61.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last posted its 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. As a group, equities analysts anticipate that ESSA Pharma Inc. will post -0.7 earnings per share 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 the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $1.53, for a total value of $12,055,761.99. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 14.70% of the company’s stock.

Institutional Trading of ESSA Pharma

Several hedge funds have recently added to or reduced their stakes in EPIX. FNY Investment Advisers LLC acquired a new position in ESSA Pharma in the 4th quarter valued at $44,000. Parkman Healthcare Partners LLC boosted its position in shares of ESSA Pharma by 37.2% in the third quarter. Parkman Healthcare Partners LLC now owns 345,902 shares of the company’s stock valued at $2,096,000 after acquiring an additional 93,830 shares during the period. Finally, RTW Investments LP grew its stake in shares of ESSA Pharma by 41.9% in the third quarter. RTW Investments LP now owns 3,261,496 shares of the company’s stock valued at $19,765,000 after acquiring an additional 962,834 shares in the last quarter. 75.12% of the stock is 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.