Essa Pharma downgraded to Hold from Buy at Jefferies

Jefferies downgraded Essa Pharma (EPIX) to Hold from Buy with a price target of $1.70, down from $16. The company announced that it is discontinuing all masofaniten programs after a pre-specified interim analysts from its Phase 2 trial evaluating maso and enza vs enza in metastatic castration-resistant prostate cancer failed to show any benefit in the combo arm vs enza, the analyst tells investors in a research note. The firm said that while the update is disappointing, the company’s rapid decision to stop all programs and focus on strategic options is prudent. Jefferies added that it made the downgrade given a lack of clarity on the path forward as well as a lack of other assets in early- and late-stage development.