Evofem Biosciences (NASDAQ:EVFM) Share Price Passes Above Fifty Day Moving Average of $0.73

Defense World · Aug 10, 2022 16:21

Evofem Biosciences, Inc. (NASDAQ:EVFM – Get Rating) shares passed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $0.73 and traded as high as $0.76. Evofem Biosciences shares last traded at $0.62, with a volume of 24,934,526 shares.

Wall Street Analyst Weigh In

EVFM has been the topic of a number of research reports. Laidlaw initiated coverage on shares of Evofem Biosciences in a report on Thursday, June 2nd. They issued a "buy" rating and a $3.50 price objective on the stock. Morgan Stanley raised their price objective on shares of Evofem Biosciences from $7.95 to $8.55 and gave the stock an "underweight" rating in a report on Tuesday, April 12th.

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Evofem Biosciences Trading Down 22.0 %

The company has a market cap of $7.58 million, a P/E ratio of -0.03 and a beta of -1.51. The business's 50 day simple moving average is $0.73 and its 200 day simple moving average is $3.29.

Evofem Biosciences (NASDAQ:EVFM – Get Rating) last released its earnings results on Tuesday, May 10th. The biotechnology company reported ($2.88) EPS for the quarter, topping analysts' consensus estimates of ($2.99) by $0.11. The firm had revenue of $4.25 million for the quarter, compared to the consensus estimate of $4.13 million. Sell-side analysts anticipate that Evofem Biosciences, Inc. will post -2.72 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Saundra L. Pelletier acquired 141,000 shares of Evofem Biosciences stock in a transaction dated Friday, May 27th. The shares were purchased at an average price of $0.35 per share, for a total transaction of $49,350.00. Following the completion of the transaction, the chief executive officer now directly owns 236,722 shares in the company, valued at approximately $82,852.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Evofem Biosciences

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in shares of Evofem Biosciences by 4.5% during the first quarter. State Street Corp now owns 393,070 shares of the biotechnology company's stock valued at $134,000 after buying an additional 17,021 shares during the last quarter. GSA Capital Partners LLP increased its position in Evofem Biosciences by 1,431.6% in the fourth quarter. GSA Capital Partners LLP now owns 924,781 shares of the biotechnology company's stock worth $347,000 after purchasing an additional 864,400 shares during the last quarter. Finally, Mirador Capital Partners LP increased its position in Evofem Biosciences by 3,408.9% in the first quarter. Mirador Capital Partners LP now owns 2,807,681 shares of the biotechnology company's stock worth $955,000 after purchasing an additional 2,727,664 shares during the last quarter. Institutional investors own 12.92% of the company's stock.

Evofem Biosciences Company Profile

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Evofem Biosciences, Inc, a biopharmaceutical company, develops and commercializes various products to address unmet needs in women's sexual and reproductive health. Its commercial product is Phexxi, a vaginal gel for the prevention of pregnancy. The company is also involved in the development of EVO100, an antimicrobial vaginal gel for the prevention of urogenital transmission of Chlamydia trachomatis infection and Neisseria gonorrhoeae infection in women.