ESSA Pharma (NASDAQ:EPIX) Shares Cross 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 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 changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on EPIX. Piper Sandler downgraded shares of ESSA Pharma from an “overweight” rating to a “neutral” rating and decreased their price target for the company 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 lowered ESSA Pharma from a “buy” rating to a “hold” rating in a research note on Monday, November 4th.

ESSA Pharma Price Performance

The firm has a market cap of $71.47 million, a P/E ratio of -2.60 and a beta of 1.63. The stock’s 50-day simple moving average is $2.66 and its two-hundred day simple moving average is $4.48.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last issued its quarterly earnings results on Tuesday, December 17th. The company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.05. As a group, sell-side analysts expect that ESSA Pharma Inc. will post -0.7 earnings per share for the current year.

Insider Buying and Selling

In other news, major shareholder Growth N. V. Biotech sold 7,879,583 shares of the business’s stock in a transaction on Friday, November 1st. The shares were 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 Securities & Exchange Commission, which can be accessed through this link. 14.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ESSA Pharma

A hedge fund recently raised its stake in ESSA Pharma stock. Parkman Healthcare Partners LLC raised its position in shares of ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) by 37.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 345,902 shares of the company’s stock after purchasing an additional 93,830 shares during the period. Parkman Healthcare Partners LLC owned about 0.78% of ESSA Pharma worth $2,096,000 as of its most recent filing with the Securities & Exchange Commission. 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.