Zacks Investment Research upgraded shares of Evofem Biosciences (NASDAQ:EVFM) from a hold rating to a buy rating in a research report sent to investors on Wednesday, Zacks.com reports. The brokerage currently has $5.50 price objective on the biotechnology company’s stock.

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. “

Other analysts have also recently issued reports about the company. ValuEngine raised USINAS SIDERURG/S from a sell rating to a hold rating in a research note on Wednesday, May 29th. HC Wainwright set a $55.00 price target on Acer Therapeutics and gave the stock a buy rating in a research report on Tuesday, May 28th. Oppenheimer set a $42.00 price target on Portola Pharmaceuticals and gave the stock a buy rating in a research report on Friday, April 12th. Finally, Cantor Fitzgerald set a $9.00 price target on Evofem Biosciences and gave the stock a buy rating in a research report on Friday, April 12th. Five analysts have rated the stock with a buy rating, Evofem Biosciences currently has an average rating of Buy and an average price target of $8.63.

NASDAQ EVFM remained flat at $$5.00 during trading hours on Wednesday. The company had a trading volume of 67,289 shares, compared to its average volume of 81,343. The business’s 50 day simple moving average is $5.95. Evofem Biosciences has a twelve month low of $1.79 and a twelve month high of $7.24. The company has a market capitalization of $178.25 million, a price-to-earnings ratio of -0.87 and a beta of 0.66.

Evofem Biosciences (NASDAQ:EVFM) last posted its earnings results on Tuesday, May 7th. The biotechnology company reported ($0.50) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.05). Equities research analysts forecast that Evofem Biosciences will post -1.47 EPS for the current fiscal year.

In other news, major shareholder Pdl Biopharma, Inc. purchased 6,666,667 shares of Evofem Biosciences stock in a transaction on Monday, June 10th. The stock was purchased at an average price of $4.50 per share, with a total value of $30,000,001.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 13.40% of the company’s stock.

An institutional investor recently raised its position in Evofem Biosciences stock. Geode Capital Management LLC grew its position in shares of Evofem Biosciences Inc (NASDAQ:EVFM) by 115.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 73,650 shares of the biotechnology company’s stock after acquiring an additional 39,425 shares during the quarter. Geode Capital Management LLC owned 0.28% of Evofem Biosciences worth $308,000 at the end of the most recent reporting period. 65.24% of the stock is owned by hedge funds and other institutional investors.

Evofem Biosciences Company Profile

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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