Evoke (NASDAQ:EVOK) issued a press release today to provide an update on its clinical program for EVK-001, a novel metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women. The company indicated that it has randomized 74 diabetic gastroparesis patients and now plans to report data in 2H:15. The company was previously targeting data release in mid-2015 so the delay is estimated at approximately six months for now. The company noted that it has sufficient cash through the end of 2015 and management indicated that its cash burn is conservative and the company should not need financing ahead of the targeted data release.
The delay is associated with two key issues: (1) the need to time randomization to coincide with a patient’s gastroparesis flare in order to demonstrate improvement while on study drug; and (2) minimizing co-morbidities in the study population. Management noted that the flare is primarily characterized by the severity of nausea and vomiting symptoms during the screening period and the gastroparesis episode typically does not resolve without an intervention. Evoke is working with each study site to identify patients who may have already been screened but failed to meet entry criteria due to poor timing as well as employing social media to drive additional patient screening.
Shares of Evoke closed yesterday at $6.47 . EVOK has a 1-year high of $11.40 and a 1-year low of $4.72. The stock’s 50-day moving average is $6.25 and its 200-day moving average is $6.17.
On the ratings front, Acorda has been the subject of a number of recent research reports. In a report issued on December 3, Cantor Fitzgerald analyst Irina Rivkind maintained a Buy rating on EVOK, with a price target of $6.05, which reflects a potential downside of 6.49% from last closing price.