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

Evofem Biosciences (NASDAQ:EVFM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, 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 brokerages also recently issued reports on EVFM. Cantor Fitzgerald restated a “buy” rating and issued a $9.00 price target on shares of Evofem Biosciences in a report on Friday, May 22nd. ValuEngine upgraded Evofem Biosciences from a “hold” rating to a “buy” rating in a report on Friday, April 17th. Oppenheimer upped their price objective on Evofem Biosciences from $23.00 to $25.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. HC Wainwright reduced their price objective on Evofem Biosciences from $11.00 to $9.00 and set a “buy” rating for the company in a research report on Tuesday, June 9th. Finally, Piper Sandler assumed coverage on Evofem Biosciences in a research report on Monday, June 8th. They set an “overweight” rating and a $11.00 price objective for the company. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Evofem Biosciences has a consensus rating of “Buy” and a consensus price target of $10.54.

Shares of Evofem Biosciences stock opened at $2.99 on Friday. Evofem Biosciences has a 1 year low of $2.73 and a 1 year high of $7.50. The business has a 50-day moving average of $2.97 and a two-hundred day moving average of $4.64. The company has a market capitalization of $148.64 million, a P/E ratio of -1.54 and a beta of 0.41.

Evofem Biosciences (NASDAQ:EVFM) last announced its quarterly earnings results on Wednesday, May 6th. The biotechnology company reported ($0.40) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.08). On average, equities research analysts expect that Evofem Biosciences will post -1.65 EPS for the current fiscal year.

In related news, CFO Justin J. File purchased 8,500 shares of Evofem Biosciences stock in a transaction that occurred on Friday, June 12th. The stock was purchased at an average cost of $3.14 per share, with a total value of $26,690.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ltd. Invesco sold 73,879 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $5.79, for a total value of $427,759.41. The disclosure for this sale can be found here. Insiders have purchased 880,893 shares of company stock valued at $3,028,481 over the last three months. Insiders own 9.90% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVFM. Renaissance Technologies LLC lifted its position in shares of Evofem Biosciences by 205.5% in the fourth quarter. Renaissance Technologies LLC now owns 47,352 shares of the biotechnology company’s stock valued at $292,000 after buying an additional 31,853 shares during the last quarter. UBS Group AG lifted its position in shares of Evofem Biosciences by 59.8% in the fourth quarter. UBS Group AG now owns 17,834 shares of the biotechnology company’s stock valued at $110,000 after buying an additional 6,671 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Evofem Biosciences by 15.9% in the fourth quarter. Bank of New York Mellon Corp now owns 35,924 shares of the biotechnology company’s stock valued at $221,000 after buying an additional 4,934 shares during the last quarter. BlackRock Inc. lifted its position in shares of Evofem Biosciences by 941.3% in the first quarter. BlackRock Inc. now owns 7,947,935 shares of the biotechnology company’s stock valued at $42,283,000 after buying an additional 7,184,638 shares during the last quarter. Finally, Oppenheimer & Co. Inc. acquired a new stake in shares of Evofem Biosciences in the first quarter valued at approximately $164,000. 56.68% of the stock is owned by institutional investors.

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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