In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Evoke Pharma (NASDAQ: EVOK), with a price target of $9. The company’s shares closed yesterday at $2.81.
Selvaraju observed:
“We anticipate that the FDA should provide notice to the company of acceptance of the NDA for review in early the potential for a final approval decision in 2Q19 (possibly in the April 2019 time frame). We reiterate our Buy rating and 12-month price target of $9.00 per share on EVOK. Investors should note that our current projections continue not to ascribe value to the potential of Gimoti ex-U.S. The company’s cash resources are currently slated, according to management, to fund operations until approximately April 2019. We expect both R&D and G&A spending to trend downward substantially in the coming quarters. Pharmacokinetics may explain gender-specific benefit.”
According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of -0.4% and a 40.3% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Evoke Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $7.
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The company has a one-year high of $4.09 and a one-year low of $1.85. Currently, Evoke Pharma has an average volume of 93.33K.
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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.
