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

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) shares 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 traded.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Oppenheimer lowered ESSA Pharma from an “outperform” rating to a “market perform” rating in a research note on Monday, November 4th. Piper Sandler lowered ESSA Pharma from an “overweight” rating to a “neutral” rating and cut their price target for the company from $15.00 to $2.00 in a research note 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 fifty day simple moving average of $5.20 and a 200-day simple moving average of $5.40. The firm has a market cap of $76.32 million, a P/E ratio of -2.92 and a beta of 1.84.

Insiders Place Their Bets

In other ESSA Pharma news, major shareholder Growth N. V. Biotech sold 7,879,583 shares of the 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 at this hyperlink. Over the last quarter, insiders have sold 7,883,053 shares of company stock worth $12,076,665. Corporate insiders own 14.70% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of EPIX. EntryPoint Capital LLC bought a new position in shares of ESSA Pharma in the first quarter valued at approximately $38,000. Janus Henderson Group PLC lifted its holdings in shares of ESSA Pharma by 7.9% in the first quarter. Janus Henderson Group PLC now owns 1,175,242 shares of the company’s stock valued at $9,978,000 after purchasing an additional 85,760 shares in the last quarter. Parkman Healthcare Partners LLC lifted its holdings 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 purchasing an additional 93,830 shares in the last quarter. Finally, RTW Investments LP lifted its holdings 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 purchasing an additional 962,834 shares in the last quarter. Institutional investors 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.