Evofem Biosciences (NASDAQ:EVFM) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Evofem Biosciences (NASDAQ:EVFM) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning, Zacks.com reports. They currently have $5.50 price objective on the biotechnology company’s stock.

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. “

EVFM has been the topic of a number of other reports. Oppenheimer set a $42.00 target price on shares of Portola Pharmaceuticals and gave the company a buy rating in a report on Friday, April 12th. HC Wainwright set a $55.00 price objective on shares of Acer Therapeutics and gave the company a buy rating in a research note on Tuesday, May 28th. Cantor Fitzgerald set a $9.00 price objective on shares of Evofem Biosciences and gave the company a buy rating in a research note on Friday, April 12th. Finally, ValuEngine raised shares of USINAS SIDERURG/S from a sell rating to a hold rating in a research note on Wednesday, May 29th. Five investment analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and a consensus target price of $8.63.

Shares of Evofem Biosciences stock opened at $4.81 on Wednesday. The firm has a fifty day simple moving average of $5.95. Evofem Biosciences has a 12 month low of $1.79 and a 12 month high of $7.24.

Evofem Biosciences (NASDAQ:EVFM) last announced its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.05). 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 the company’s stock in a transaction on Monday, June 10th. The shares were bought at an average cost of $4.50 per share, with a total value of $30,000,001.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 13.40% of the company’s stock.

An institutional investor recently raised its position in Evofem Biosciences stock. Geode Capital Management LLC lifted its stake in shares of Evofem Biosciences Inc (NASDAQ:EVFM) by 115.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 73,650 shares of the biotechnology company’s stock after purchasing an additional 39,425 shares during the quarter. Geode Capital Management LLC owned about 0.28% of Evofem Biosciences worth $308,000 at the end of the most recent quarter. 65.24% of the stock is currently owned by institutional investors and hedge funds.

Evofem Biosciences Company Profile

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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