Short Interest in ESSA Pharma Inc. (NASDAQ:EPIX) Declines By 5.3%

ESSA Pharma Inc. (NASDAQ:EPIX) (TSE:EPI) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 901,200 shares, a drop of 5.3% from the December 31st total of 951,500 shares. Based on an average daily volume of 969,200 shares, the days-to-cover ratio is currently 0.9 days.

ESSA Pharma Stock Down 1.7 %

Shares of EPIX opened at $1.69 on Tuesday. The company has a 50-day simple moving average of $1.73 and a 200-day simple moving average of $3.82. ESSA Pharma has a 52 week low of $1.40 and a 52 week high of $11.67.

ESSA Pharma (NASDAQ:EPIX) (TSE:EPI) last issued its earnings results on Tuesday, December 17th. The company reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.05. On average, research analysts anticipate that ESSA Pharma will post -0.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Oppenheimer cut shares of ESSA Pharma from an “outperform” rating to a “market perform” rating in a research report on Monday, November 4th. Jefferies Financial Group downgraded ESSA Pharma from a “buy” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Piper Sandler cut ESSA Pharma from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $15.00 to $2.00 in a research report on Monday, November 4th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. FNY Investment Advisers LLC bought a new stake in shares of ESSA Pharma in the 4th quarter valued at approximately $44,000. Magnus Financial Group LLC bought a new position in shares of ESSA Pharma during the 4th quarter worth approximately $99,000. Parkman Healthcare Partners LLC grew its position in 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 increased its stake in ESSA Pharma by 41.9% in the 3rd quarter. RTW Investments LP now owns 3,261,496 shares of the company’s stock valued at $19,765,000 after buying an additional 962,834 shares during the last quarter. 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.