B.Riley FBR analyst David Buck maintained a Buy rating on Evoke Pharma (EVOK) yesterday and set a price target of $5. The company’s shares opened today at $1.33, close to its 52-week low of $1.17.
Buck observed:
“Our Buy rating and $5 PT for Evoke Pharma (EVOK) are under review after the company’s disclosure that it has received an FDA DR letter related to its Gimoti NDA filing for signs and symptoms of gastroparesis. The stock has gapped down ~60% and is currently trading at about $1.23 per share as of 10:10am today. The April 1st PDUFA date for an FDA decision on Gimoti was the key (potential positive) catalyst for EVOK shares. While FDA is NOT making a final decision, the DR letter creates uncertainty.”
According to TipRanks.com, Buck is a 1-star analyst with an average return of -2.6% and a 41.4% success rate. Buck covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics Inc, Spectrum Pharmaceuticals, and Supernus Pharmaceuticals.
The word on The Street in general, suggests a Hold analyst consensus rating for Evoke Pharma.
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Based on Evoke Pharma’s latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $1.52 million. In comparison, last year the company had a GAAP net loss of $308.4K.
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Evoke Pharma, Inc. is a pharmaceutical company, which engages in the development of drugs for the treatment of gastrointestinal disorders and diseases. It develops Gimoti, with promotility and anti-emetic effects, for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women with diabetes mellitus.
