Essa Pharma downgraded to Hold from Buy at JonesResearch

JonesResearch analyst Soumit Roy downgraded Essa Pharma (EPIX) to Hold from Buy with no price target after the board decided to terminate all trials to conserve cash. The firm, which says “we were wrong in our assessment of masofaniten’s potential,” expects the stock to trade at a 40%-50% discount to cash per share of $2.64 and awaits comments from management on the future steps they plan.