Essa Pharma downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler analyst Joseph Catanzaro downgraded Essa Pharma (EPIX) to Neutral from Overweight with a price target of $2, down from $15. The company announced the discontinuation of masofaniten’s randomized Phase II trial in combination with enzalutamide in anti-androgen naive metastatic castration-resistant prostate cancer following an interim analysis that suggested the trial was unlikely to meet the primary endpoint, the analyst tells investors in a research note. With all other masofaniten studies are also being discontinued with the company evaluating all potential strategic options, Piper removed all value for masofaniten and downgraded the shares.