Zacks Investment Research Lowers Evofem Biosciences (NASDAQ:EVFM) to Hold

Zacks Investment Research downgraded shares of Evofem Biosciences (NASDAQ:EVFM) from a buy rating to a hold rating in a research report report published on Tuesday, Zacks.com reports.

According to Zacks, “Evofem Biosciences Inc. develops and anticipates commercializing products which support and promote women as the primary healthcare consumer. The company is identifying and developing new and novel products which specifically address unmet needs in the areas of sexual and reproductive health, the prevention of acquisition of sexually transmitted infections and products which address or promote general health and wellbeing. Evofem Biosciences Inc., formerly known as Neothetics Inc., is based in SAN DIEGO CA. “

Several other analysts have also recently commented on EVFM. ValuEngine raised Evofem Biosciences from a hold rating to a buy rating in a research report on Wednesday, May 29th. Oppenheimer lifted their price objective on Evofem Biosciences from $9.00 to $11.00 and gave the company an outperform rating in a research report on Friday, April 12th. Cantor Fitzgerald set a $9.00 price objective on Evofem Biosciences and gave the company a buy rating in a research report on Friday, April 12th. Finally, HC Wainwright set a $9.00 price objective on Evofem Biosciences and gave the company a buy rating in a research report on Tuesday, May 28th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $8.63.

Shares of Evofem Biosciences stock traded down $0.12 during midday trading on Tuesday, hitting $5.29. The company’s stock had a trading volume of 593 shares, compared to its average volume of 62,872. The stock has a market cap of $247.83 million, a price-to-earnings ratio of -0.93 and a beta of 0.66. The company’s 50-day simple moving average is $5.51. Evofem Biosciences has a 1-year low of $1.79 and a 1-year high of $7.24.

Evofem Biosciences (NASDAQ:EVFM) last issued its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.45) by ($0.05). On average, equities analysts predict that Evofem Biosciences will post -1.47 earnings per share for the current fiscal year.

In other news, major shareholder Pdl Biopharma, Inc. acquired 6,666,667 shares of Evofem Biosciences stock in a transaction that occurred on Monday, June 10th. The stock was purchased at an average price of $4.50 per share, with a total value of $30,000,001.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 13.40% of the stock is currently owned by company insiders.

A hedge fund recently raised its stake in Evofem Biosciences stock. Geode Capital Management LLC boosted its position in shares of Evofem Biosciences Inc (NASDAQ:EVFM) by 115.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 73,650 shares of the biotechnology company’s stock after purchasing an additional 39,425 shares during the period. Geode Capital Management LLC owned 0.28% of Evofem Biosciences worth $308,000 at the end of the most recent reporting period. 49.72% of the stock is owned by institutional investors and hedge funds.

About Evofem Biosciences

Evofem Biosciences, Inc, a clinical-stage biopharmaceutical company, develops and commercializes women's sexual and reproductive health products. Its lead product candidate is Amphora, a non-hormonal woman-controlled vaginal gel, which is in Phase 3 clinical trial for the prevention of pregnancy; and in Phase 2b trial for the prevention of chlamydia and gonorrhea in women.

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