Evofem Biosciences (NASDAQ:EVFM) Stock Rating Lowered by Zacks Investment Research

Evofem Biosciences (NASDAQ:EVFM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued 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. “

A number of other analysts have also recently commented on EVFM. BidaskClub upgraded Evofem Biosciences from a “strong sell” rating to a “sell” rating in a research report on Tuesday, August 18th. Oppenheimer lifted their target price on Evofem Biosciences from $18.00 to $25.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Royal Bank of Canada reiterated a “buy” rating on shares of Evofem Biosciences in a research report on Sunday, May 31st. Cantor Fitzgerald reiterated a “buy” rating and set a $9.00 target price on shares of Evofem Biosciences in a research report on Friday, May 22nd. Finally, HC Wainwright dropped their price target on Evofem Biosciences from $11.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, June 9th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $9.50.

Shares of NASDAQ EVFM opened at $2.23 on Tuesday. The company has a market capitalization of $181.25 million, a price-to-earnings ratio of -1.19 and a beta of 0.28. The business has a 50-day moving average of $3.02 and a two-hundred day moving average of $4.05. Evofem Biosciences has a 1 year low of $2.03 and a 1 year high of $7.50.

Evofem Biosciences (NASDAQ:EVFM) last posted its earnings results on Tuesday, August 4th. The biotechnology company reported ($0.91) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.37) by ($0.54). Equities analysts anticipate that Evofem Biosciences will post -1.59 earnings per share for the current year.

In related news, CEO Saundra L. Pelletier sold 122,500 shares of the business’s stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $3.26, for a total value of $399,350.00. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 9.40% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Evofem Biosciences by 941.3% during the 1st quarter. BlackRock Inc. now owns 7,947,935 shares of the biotechnology company’s stock worth $42,283,000 after purchasing an additional 7,184,638 shares during the period. State of Wisconsin Investment Board acquired a new position in Evofem Biosciences during the 2nd quarter worth approximately $57,000. SG Americas Securities LLC acquired a new position in Evofem Biosciences during the 2nd quarter worth approximately $617,000. Wedbush Securities Inc. acquired a new position in Evofem Biosciences during the 2nd quarter worth approximately $108,000. Finally, Geode Capital Management LLC increased its position in Evofem Biosciences by 1.7% during the 1st quarter. Geode Capital Management LLC now owns 265,176 shares of the biotechnology company’s stock worth $1,410,000 after purchasing an additional 4,551 shares during the period. Institutional investors own 51.45% of the company’s stock.

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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