ESSA Pharma (NASDAQ:EPIX) Shares Cross Below 50-Day Moving Average – Here’s What Happened

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 $5.36 and traded as low as $1.77. ESSA Pharma shares last traded at $1.77, with a volume of 425,985 shares changing hands.

Wall Street Analyst Weigh In

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

ESSA Pharma Stock Down 4.8 %

The company has a market capitalization of $78.53 million, a price-to-earnings ratio of -2.85 and a beta of 1.84. The firm has a 50 day moving average price of $5.36 and a two-hundred day moving average price of $5.45.

Insider Buying and Selling at ESSA Pharma

In other ESSA Pharma 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders sold a total of 7,883,053 shares of company stock worth $12,076,665 in the last 90 days. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of ESSA Pharma

A hedge fund recently raised its stake in ESSA Pharma stock. Janus Henderson Group PLC grew its stake in ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) by 7.9% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,175,242 shares of the company’s stock after purchasing an additional 85,760 shares during the quarter. Janus Henderson Group PLC owned approximately 2.66% of ESSA Pharma worth $9,978,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 75.12% of the company’s stock.

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.