Evofem Biosciences (NASDAQ:EVFM) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Evofem Biosciences (NASDAQ:EVFM) from a buy rating to a hold rating in a research report sent to investors on Monday, 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. “

Several other analysts also recently issued reports on EVFM. HC Wainwright set a $9.00 target price on Evofem Biosciences and gave the company a buy rating in a research note on Tuesday, May 28th. ValuEngine downgraded Evofem Biosciences from a buy rating to a hold rating in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Evofem Biosciences currently has a consensus rating of Buy and an average price target of $8.88.

Shares of EVFM opened at $5.62 on Monday. The business’s 50 day moving average is $5.22 and its 200 day moving average is $4.92. Evofem Biosciences has a 12-month low of $3.16 and a 12-month high of $7.24.

Evofem Biosciences (NASDAQ:EVFM) last issued its earnings results on Monday, August 5th. The biotechnology company reported ($0.35) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.35). On average, equities analysts expect that Evofem Biosciences will post -1.34 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Susquehanna International Group LLP purchased a new position in Evofem Biosciences during the 2nd quarter valued at approximately $149,000. Invesco Ltd. grew its holdings in Evofem Biosciences by 23.2% during the 2nd quarter. Invesco Ltd. now owns 11,812,910 shares of the biotechnology company’s stock valued at $78,438,000 after buying an additional 2,222,222 shares in the last quarter. Vanguard Group Inc. grew its holdings in Evofem Biosciences by 116.7% during the 2nd quarter. Vanguard Group Inc. now owns 658,091 shares of the biotechnology company’s stock valued at $4,370,000 after buying an additional 354,408 shares in the last quarter. BlackRock Inc. grew its holdings in Evofem Biosciences by 5,199.0% during the 2nd quarter. BlackRock Inc. now owns 738,420 shares of the biotechnology company’s stock valued at $4,903,000 after buying an additional 724,485 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in Evofem Biosciences by 112.4% during the 2nd quarter. Northern Trust Corp now owns 72,709 shares of the biotechnology company’s stock valued at $483,000 after buying an additional 38,472 shares in the last quarter. Institutional investors and hedge funds own 62.54% 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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