Evoke Pharma (NASDAQ:EVOK) Lifted to Buy at Zacks Investment Research

Evoke Pharma (NASDAQ:EVOK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $1.00 target price on the specialty pharmaceutical company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 17.65% from the stock’s current price.

According to Zacks, “Evoke Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. The Company’s lead product candidate, EVK-001, is in late stage clinical testing which is intended for the treatment of diabetic gastroparesis. Evoke Pharma, Inc. is based in San Diego, California. “

Several other research analysts have also issued reports on EVOK. ValuEngine upgraded Evoke Pharma from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. HC Wainwright reiterated a “hold” rating on shares of Evoke Pharma in a report on Friday, August 9th.

NASDAQ EVOK traded up $0.03 during trading hours on Tuesday, hitting $0.85. 25,186 shares of the company’s stock were exchanged, compared to its average volume of 587,770. The stock has a 50-day simple moving average of $0.89 and a 200 day simple moving average of $0.80. Evoke Pharma has a 1-year low of $0.50 and a 1-year high of $3.26. The firm has a market cap of $19.07 million, a price-to-earnings ratio of -1.85 and a beta of 1.57.

Evoke Pharma (NASDAQ:EVOK) last announced its quarterly earnings results on Thursday, August 8th. The specialty pharmaceutical company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.03. As a group, equities research analysts forecast that Evoke Pharma will post -0.35 EPS for the current year.

An institutional investor recently bought a new position in Evoke Pharma stock. Citadel Advisors LLC bought a new stake in Evoke Pharma Inc (NASDAQ:EVOK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 59,047 shares of the specialty pharmaceutical company’s stock, valued at approximately $37,000. Citadel Advisors LLC owned approximately 0.25% of Evoke Pharma as of its most recent SEC filing. 5.50% of the stock is currently owned by hedge funds and other institutional investors.

About Evoke Pharma

Evoke Pharma, Inc, a specialty pharmaceutical company, primarily focuses on the development of drugs for the treatment of gastroenterological disorders and diseases. It is developing Gimoti, a metoclopramide nasal spray, which is completed Phase III clinical trials for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.

Featured Story: What are retained earnings?

Get a free copy of the Zacks research report on Evoke Pharma (EVOK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Evoke Pharma Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Evoke Pharma and related companies with MarketBeat.com's FREE daily email newsletter.