5 Best Biotech Stocks to Buy According to Alan Frazier

3. ESSA Pharma Inc. (NASDAQ: EPIX)

Frazier’s Stake Value: $9,198,000
Percentage of Alan Frazier’s 13F Portfolio: 0.73%
Number of Hedge Fund Holders: 28

ESSA Pharma Inc. (NASDAQ: EPIX) is a pharmaceutical company that develops therapies for the treatment of prostate cancer. It was founded in 2009 and is placed third on the list of 10 best biotech stocks to buy according to Alan Frazier. ESSA stock has returned 371.82% to investors over the course of the past 12 months. 

On February 17, ESSA Pharma Inc. (NASDAQ: EPIX) announced that it launched an underwritten offering in which it offered ~4.8 million common stock shares. The net proceeds from the public offering will be used for pre-clinical and clinical activities, producing and controlling, financial assets, and general corporate purposes. On March 4, Tyler Van Buren, an analyst at Piper Sandler, initiated coverage on ESSA Pharma, rating the stock as “Overweight,” with a price target of $50.

Alan Frazier’s hedge fund owns 316,616 shares of ESSA Pharma Inc. (NASDAQ: EPIX), worth $9.20 million. The company is getting the attention of the smart money, as 28 elite hedge funds held stakes in the company in the first quarter of 2021, up from 18 funds a quarter earlier.