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

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) crossed 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.

Wall Street Analysts Forecast Growth

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

ESSA Pharma Stock Down 1.2 %

The company has a market cap of $73.69 million, a P/E ratio of -2.41 and a beta of 1.60. The stock has a 50 day moving average price of $1.73 and a two-hundred day moving average price of $3.34.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last posted its quarterly earnings data 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). Equities analysts anticipate that ESSA Pharma Inc. will post -0.42 EPS for the current year.

Institutional Trading of ESSA Pharma

Several hedge funds and other institutional investors have recently bought and sold shares of EPIX. Tang Capital Management LLC bought a new position in shares of ESSA Pharma during the fourth quarter worth approximately $7,697,000. BML Capital Management LLC acquired a new stake in ESSA Pharma during the fourth quarter worth approximately $7,557,000. Altium Capital Management LLC bought a new position in ESSA Pharma during the 4th quarter worth $2,556,000. RTW Investments LP increased its stake in ESSA Pharma by 41.9% during the 3rd quarter. RTW Investments LP now owns 3,261,496 shares of the company’s stock worth $19,765,000 after acquiring an additional 962,834 shares during the period. Finally, Bank of America Corp DE raised its holdings in ESSA Pharma by 10,153,775.0% in the 4th quarter. Bank of America Corp DE now owns 812,310 shares of the company’s stock valued at $1,454,000 after acquiring an additional 812,302 shares in the last quarter. Institutional investors and hedge funds 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.