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Tag: EVFM stock

  • Evofem Biosciences, Inc. (EVFM) Stock Rallying Premarket. Any Reasons?

    Evofem Biosciences, Inc. (EVFM) stock was up by 6.56% at $0.3950 premarket, at the last check on Tuesday. In the previous session, the stock lost 2.37% at the closing price of $0.3707 on December 20.

    Currently, the 163.14 million outstanding shares of the company trade at a market capitalization of $61.95 million.

    What is going on?

    While the EVFM stock was in the red in the previous session, it is trading in the green in today’s premarket session. There is no official news from the company but some other background noises are ringing in the market. As per reports, Saundra L Pelletier (CEO EVFM) and Justin J. File (CFO EVFM) bought shares of the company on Monday. Moreover, Mr. File bought 40,594 shares of the stock at a price of $0.37 per share. Hence, the total worth of the transaction was $15,019.78. Furthermore, Pelletier purchased 135,000 shares of the company at a price of $038 per share, with a total value of $51,300.

    In addition, news of great revenue estimates for the current fiscal quarter is also circulating in the market. According to Wall Street brokerages, EVFM is expected to post sales of $2.76 million for the current quarter.

    EVFM’s Collaboration with Orion Biotechnology

    On December 16, both the companies disclosed their collaboration for developing MPT product candidates. According to the agreement, the compatibility of Orion’s OB-002 will be tested in EVFM’s Phexxi®. Moreover, its goal would be the development of a Multipurpose Prevention Technology (MPT) product candidate. Furthermore, the MPT will include indications like the prevention of HIV in women.

    Orion’s OB-002

    OB-002 is Orion’s novel CCR5 antagonist, which has shown best-in-class in vitro potency in trials. In a non-human primate model, OB-002 demonstrated 100% effectiveness in blocking HIV transmission. Moreover, it also showed positive results in a Phase 1 study.

    EVFM’s Phexxi®

    Launched in September 2020, Phexxi is EVFM’s prescription contraceptive gel. Currently, the company is expecting top-line data from its Phase 3 trial in the second half of 2022. The trial will demonstrate Phexxi’s effectiveness in the prevention of chlamydia and gonorrhea.

    EVFM’s Financial Highlights

    On November 16, the company announced the financial results of its third quarter of 2021.

    In the third quarter of 2021, EVFM incurred a net loss of $74.1 million or $0.48 per share.

    Furthermore, the company ended the quarter with cash, cash equivalents of $14.9 million.

  • Why Evofem Biosciences, Inc. (EVFM) stock is falling today?

    Evofem Biosciences, Inc. (EVFM) announced the public offering of its common stock after which the EVFM stock price saw a downtrend of 21.03% today to drop at $1.84 as of this writing. EVFM stock was down by 9.34% at the previous closing. So what you need to know now?

    Public Offering of EVFM Common Stock

    Evofem Biosciences, Inc. (EVFM) is a biopharmaceutical company mainly focused on women’s sexual and reproductive health through the development and commercializing of its various products. EVFM stock recently announced the offering of  17,142,857 shares of its common stock at $1.75 per share public price. Underwriters are granted a 30-day option to buy up to additional 2,571,428 shares worth $4.5 million of Evofem common stock at the public offering price less than the underwriting discounts and commissions. $30 million gross proceeds are estimated for this offering without deducting the underwriting discounts, commissions, and other related expenses. The offering will end on March 29, 2021.

    EVFM is planning to use the net proceeds resulted from this offering in various areas including the commercialization of Phexxi (lactic acid, citric acid, and potassium bitartrate) a contraceptive vaginal gel for the prevention of pregnancy, in the united states of America. Furthermore, these net proceeds will support the advertising activities across television as well as streaming and digital channels of Evofem. Some part of these net proceeds will help in the continuation of phase 3 clinical analysis of EVOGUARD and its related activities in which EVFM is observing the EVO100 for the prevention of infections that transmit sexually.

    “Get Phexxi”: A Marketing campaign

    Evofem started the “Get Phexxi” campaign on Valentine’s day via television, streaming, and digital channels that achieved significant results according to the EVFM officials. The campaign resulted an increase of 73% in ex-factory sales of Phexxi in February 2021 and these sales of the first quarter of 2021 exceeded the full-year sales level of 2020 by March 12. Evofem stock distributed 2,400 Phexxi units in February 2021 which is 30% higher than the prior month.

    Conclusion

    The penny EVFM stock price is continuing the downtrend in the stock market today following the public offering of shares of its common stock and no one knows how long this bearish sentiment will continue. Though EVFM got significant results in its marketing campaign of Phexxi still more development is required for future growth.