Piper Sandler Downgrades ESSA Pharma (NASDAQ:EPIX) to Neutral

Piper Sandler lowered shares of ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) from an overweight rating to a neutral rating in a research report report published on Monday, Marketbeat.com reports. The firm currently has $2.00 target price on the stock, down from their previous target price of $15.00.

ESSA Pharma Stock Up 3.5 %

Shares of EPIX stock opened at $1.77 on Monday. The company’s fifty day simple moving average is $5.59 and its two-hundred day simple moving average is $5.55. ESSA Pharma has a 52 week low of $1.40 and a 52 week high of $11.67. The stock has a market cap of $78.53 million, a P/E ratio of -2.85 and a beta of 1.84.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last issued its earnings results on Monday, August 5th. The company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.26) by $0.10. On average, analysts anticipate that ESSA Pharma will post -0.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other 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 transaction of $12,055,761.99. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 7,883,053 shares of company stock valued at $12,076,665 in the last quarter. 14.70% of the stock is currently owned by insiders.

Institutional Trading of ESSA Pharma

A hedge fund recently bought a new stake in ESSA Pharma stock. EntryPoint Capital LLC acquired a new position in shares of ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 4,420 shares of the company’s stock, valued at approximately $38,000. Hedge funds and other 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.