10 Best Canadian Stocks To Buy According to Wall Street Analysts

03. ESSA Pharma Inc. (NASDAQ:EPIX)

Upside Potential: 236%

Average Analyst Share Price Target: $19

At number three on our list of ten best Canadian stocks to buy according to wall street analysts is ESSA Pharma Inc. (NASDAQ:EPIX). ESSA Pharma Inc. (NASDAQ:EPIX), based in Vancouver, Canada, is a clinical-stage pharmaceutical company dedicated to developing novel therapies for prostate cancer. Its lead drug candidate, masofaniten, is currently in trials as a combination therapy with enzalutamide, targeting metastatic castration-resistant prostate cancer (mCRPC). This combination has shown promising early results, with reductions in prostate-specific antigen (PSA) levels—a key biomarker for prostate cancer progression. Impressively, 88% of patients in the study achieved PSA50, while 81% reached PSA90, indicating significant tumor response and disease control.

The company’s ongoing Phase 1/2 trials are advancing steadily. ESSA Pharma Inc. (NASDAQ:EPIX) is expected to present updated data from these trials at the prestigious European Society for Medical Oncology (ESMO) conference in late 2024. The Phase 2 portion, which compares masofaniten plus enzalutamide to enzalutamide monotherapy, is expanding to clinical sites across the US, Canada, Australia, and Europe. The completion of enrollment is expected by the first quarter of 2025, with preliminary data anticipated in mid-2025. In addition to the combination therapies, ESSA Pharma Inc. (NASDAQ:EPIX) is also evaluating masofaniten as a monotherapy. Early results have shown promising signals of anti-tumor activity and tolerability, with more mature data expected later in 2024. The company’s broad clinical pipeline extends beyond masofaniten, with studies also exploring its combination with other anti-androgen therapies like abiraterone and darolutamide, underscoring the potential to address various stages of prostate cancer.

Financially, ESSA Pharma Inc. (NASDAQ:EPIX) is in a strong position. With cash reserves and short-term investments totaling $130.7 million as of June 2024, the company is well-capitalized to fund its current operations and clinical trials beyond 2025. This solid financial footing ensures that ESSA can continue advancing its clinical programs without immediate concerns about liquidity. With a focus on innovative cancer therapies, a promising drug candidate in advanced trials, and strong financial backing, ESSA Pharma Inc. (NASDAQ:EPIX) is well-positioned for growth. This makes the company a compelling option for investors looking to capitalize on breakthroughs in prostate cancer treatment.