ESSA Pharma (NASDAQ:EPIX) Lowered to Market Perform Rating by Oppenheimer

Oppenheimer cut shares of ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) from an outperform rating to a market perform rating in a report published on Monday morning, MarketBeat Ratings reports.

Separately, Piper Sandler downgraded ESSA Pharma from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $2.00 in a research note on Monday.

ESSA Pharma Stock Up 3.5 %

Shares of ESSA Pharma stock opened at $1.77 on Monday. ESSA Pharma has a 52-week low of $1.40 and a 52-week high of $11.67. The firm’s 50 day moving average price is $5.59 and its 200-day moving average price is $5.55. The company 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 released its quarterly 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. As a group, equities research analysts forecast that ESSA Pharma will post -0.71 EPS for the current fiscal year.

Insider Buying and Selling at ESSA Pharma

In other news, major shareholder Growth N. V. Biotech sold 7,879,583 shares of ESSA Pharma 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last quarter, insiders have sold 7,883,053 shares of company stock worth $12,076,665. 14.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ESSA Pharma

A hedge fund recently bought a new stake in ESSA Pharma stock. EntryPoint Capital LLC purchased a new stake in shares of ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 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.