Zacks Investment Research Upgrades Evofem Biosciences (NASDAQ:EVFM) to Buy
Evofem Biosciences (NASDAQ:EVFM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The firm presently has a $6.50 price objective on the biotechnology company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 18.07% from the stock’s current price.
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. “
A number of other equities analysts have also commented on the company. ValuEngine lowered Evofem Biosciences from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. HC Wainwright set a $9.00 price objective on Evofem Biosciences and gave the company a “buy” rating in a research report on Tuesday, May 28th. One research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $8.88.
Hedge funds have recently modified their holdings of the business. Heartland Advisors Inc. raised its holdings in shares of Evofem Biosciences by 3.0% in the second quarter. Heartland Advisors Inc. now owns 850,000 shares of the biotechnology company’s stock worth $5,644,000 after buying an additional 25,000 shares during the period. Strs Ohio purchased a new stake in shares of Evofem Biosciences in the second quarter worth approximately $25,000. Vanguard Group Inc. raised its holdings in shares of Evofem Biosciences by 116.7% in the second quarter. Vanguard Group Inc. now owns 658,091 shares of the biotechnology company’s stock worth $4,370,000 after buying an additional 354,408 shares during the period. BlackRock Inc. raised its holdings in shares of Evofem Biosciences by 5,199.0% in the second quarter. BlackRock Inc. now owns 738,420 shares of the biotechnology company’s stock worth $4,903,000 after buying an additional 724,485 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Evofem Biosciences by 112.4% in the second quarter. Northern Trust Corp now owns 72,709 shares of the biotechnology company’s stock worth $483,000 after buying an additional 38,472 shares during the period. Institutional investors and hedge funds own 62.54% of the company’s stock.
About Evofem Biosciences
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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