Evofem Biosciences (NASDAQ:EVFM) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Evofem Biosciences (NASDAQ:EVFM) from a hold rating to a sell rating in a research note published 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. “

EVFM has been the subject of several other research reports. Cantor Fitzgerald reaffirmed a buy rating and set a $9.00 target price on shares of Evofem Biosciences in a research note on Friday, May 22nd. HC Wainwright lowered their target price on shares of Evofem Biosciences from $11.00 to $9.00 and set a buy rating for the company in a research note on Tuesday, June 9th. Piper Sandler assumed coverage on shares of Evofem Biosciences in a research note on Monday, June 8th. They set an overweight rating and a $11.00 target price for the company. Royal Bank of Canada reaffirmed a buy rating on shares of Evofem Biosciences in a research note on Sunday, May 31st. Finally, ValuEngine raised shares of Evofem Biosciences from a hold rating to a buy rating in a research note on Friday, April 17th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of Buy and a consensus price target of $10.96.

Shares of EVFM opened at $3.08 on Tuesday. Evofem Biosciences has a 12-month low of $2.73 and a 12-month high of $7.50. The firm has a 50-day moving average price of $3.61 and a 200 day moving average price of $4.93. The firm has a market capitalization of $155.10 million, a P/E ratio of -1.59 and a beta of 0.41.

Evofem Biosciences (NASDAQ:EVFM) last announced its quarterly earnings data on Wednesday, May 6th. The biotechnology company reported ($0.40) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.32) by ($0.08). As a group, equities analysts anticipate that Evofem Biosciences will post -1.8 EPS for the current year.

In related news, major shareholder Ltd. Invesco sold 73,879 shares of the firm’s 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 sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Justin J. File bought 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, for a total transaction of $26,690.00. The disclosure for this purchase can be found here. In the last three months, insiders have bought 880,893 shares of company stock worth $3,028,481 and have sold 78,090 shares worth $448,603. 9.90% of the stock is currently owned by corporate insiders.

A number of large investors have recently modified their holdings of EVFM. BlackRock Inc. raised its holdings in Evofem Biosciences by 941.3% during the first 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 in the last quarter. State Street Corp raised its holdings in Evofem Biosciences by 33.2% during the fourth quarter. State Street Corp now owns 280,114 shares of the biotechnology company’s stock worth $1,728,000 after purchasing an additional 69,821 shares in the last quarter. Geode Capital Management LLC raised its holdings in Evofem Biosciences by 1.7% during the first 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 in the last quarter. Bank of Montreal Can raised its holdings in Evofem Biosciences by 7,336.4% during the fourth quarter. Bank of Montreal Can now owns 92,286 shares of the biotechnology company’s stock worth $569,000 after purchasing an additional 91,045 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Evofem Biosciences by 205.5% during the fourth quarter. Renaissance Technologies LLC now owns 47,352 shares of the biotechnology company’s stock worth $292,000 after purchasing an additional 31,853 shares in the last quarter. 75.06% of the stock is currently owned by hedge funds and other 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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