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

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Zacks Investment Research upgraded shares of Evofem Biosciences (NASDAQ:EVFM) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. The firm currently has $5.50 price target 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 price target on shares of Portola Pharmaceuticals and gave the company a buy rating in a research note on Friday, April 12th. Cantor Fitzgerald set a $9.00 target price on shares of Evofem Biosciences and gave the stock a buy rating in a report on Friday, April 12th. HC Wainwright set a $55.00 target price on shares of Acer Therapeutics and gave the stock a buy rating in a report on Tuesday, May 28th. Finally, ValuEngine raised shares of USINAS SIDERURG/S from a sell rating to a hold rating in a report on Wednesday, May 29th. Five equities research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and an average price target of $8.63.

Shares of EVFM stock opened at $4.81 on Wednesday. The stock has a market cap of $232.03 million, a PE ratio of -0.84 and a beta of 0.66. The company’s 50 day simple moving average is $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 quarterly earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.45) by ($0.05). On average, equities research analysts forecast that Evofem Biosciences will post -1.47 EPS for the current fiscal year.

In other news, major shareholder Pdl Biopharma, Inc. bought 6,666,667 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The shares were acquired at an average price of $4.50 per share, with a total value of $30,000,001.50. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 13.40% of the company’s stock.

A hedge fund recently raised its stake in Evofem Biosciences stock. Geode Capital Management LLC boosted its position in Evofem Biosciences Inc (NASDAQ:EVFM) by 115.2% in the 4th quarter, according to its most recent filing with the SEC. 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 about 0.28% of Evofem Biosciences worth $308,000 as of its most recent filing with the SEC. 65.24% of the stock is owned by institutional investors.

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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