Aegis started coverage on shares of Evoke Pharma (NASDAQ:EVOK) in a research report sent to investors on Tuesday morning, TheFlyOnTheWall.com reports. The firm issued a buy rating and a $60.00 price target on the stock.
“We are initiating coverage on Evoke Pharma, Inc. with a Buy rating and an 18-month price target of $60.00 per share. In our view, this firm represents one of the most risk-mitigated development-stage investment opportunities available in the healthcare sector. Evoke is preparing to start a pivotal Phase 3 trial with its sole product candidate, EVK-001. This agent is an intranasal formulation of metoclopramide, a drug that was originally approved in 1979 for diabetic gastroparesis, a disorder that involves disruption of the motility of the upper gastrointestinal (GI) tract. Evoke has obtained sanction from the FDA indicating that positive data from a single pivotal trial would be sufficient to support a regulatory filing and potentially obtain approval for the drug. Since the compound in question is already approved for the same indication in which Evoke is aiming to test it, this program seems a low-risk proposition. We expect the ~200-patient, randomized, placebo-controlled trial to begin enrollment early in 2014.,” Aegis’ analyst commented.
Aegis has also updated their ratings on a number of other stocks in the last week. The firm reiterated its buy rating on shares of Sinovac Biotech Ltd.. They have a $7.00 price target on that stock. Also, Aegis reiterated its hold rating on shares of Inovio Pharmaceuticals. They have a $2.50 price target on that stock.
Separately, analysts at Cantor Fitzgerald initiated coverage on shares of Evoke Pharma in a research note to investors on Monday, November 4th. They set a buy rating and a $19.00 price target on the stock.
Shares of Evoke Pharma (NASDAQ:EVOK) opened at 11.74 on Tuesday. Evoke Pharma has a 52-week low of $7.73 and a 52-week high of $14.25. The stock’s 50-day moving average is $11.32 and its 200-day moving average is $11.37. The company’s market cap is $67.9 million.
Evoke Pharma (NASDAQ:EVOK) last issued its quarterly earnings data on Wednesday, November 13th. The company reported ($0.41) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.10) by $0.31.
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