Piper Sandler analyst Joseph Catanzaro downgrades $ESSA Pharma (EPIX.US)$ to a hold rating, and adjusts the target price from $15 to $2.
According to TipRanks data, the analyst has a success rate of 44.8% and a total average return of 10.3% over the past year.
Furthermore, according to the comprehensive report, the opinions of $ESSA Pharma (EPIX.US)$'s main analysts recently are as follows:
Following a prespecified futility analysis, it was revealed that Essa Pharma's masofaniten failed to achieve the desired efficacy profile in the Phase 2 enzalutamide combination study. The company will cease all development of this candidate. Further details are anticipated as the company embarks on a strategic review to explore alternatives that could enhance shareholder value.
The company has ceased all masofaniten programs following an interim analysis from its Phase 2 trial, which did not demonstrate any advantage of the combination therapy over the monotherapy in metastatic castration-resistant prostate cancer. The quick decision to halt these programs and concentrate on strategic alternatives is deemed judicious, despite the negative outcome. The lack of clarity regarding future direction and the absence of additional assets in various stages of development are contributing factors to the change in outlook.
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