Evoke Pharma, Inc. (EVOK) Earns Buy Rating from FBR & Co

FBR & Co reissued their buy rating on shares of Evoke Pharma, Inc. (NASDAQ:EVOK) in a research note released on Monday. They currently have a $10.00 price target on the specialty pharmaceutical company’s stock.

“Last week, we hosted EVOK’s management, including CEO David Gonyer RPh, along with chief business officer Matthew D’Onofrio, for a conference call with investors. Our call came after EVOK had reported positive results from a comparative PK study with its pipeline drug, Gimoti nasal spray, for treating symptoms of diabetic gastroparesis (delayed stomach emptying not caused by obstruction), versus Reglan. Bottom line: The results showed that two of three doses met targeted bioequivalence ranges, versus Reglan tablets; and EVOK plans to submit its 505 (b) (2) NDA with the FDA during 1Q18. This sets up a potential approval for EVOK’s drug by late 2018/early 2019; we have previously highlighted a peak potential of ~$500M for Gimoti and sales of ~$245M by 2022, with the scenario that EVOK self-markets, building its own sales force, and sees revenue and earnings ramps starting in 2019. Our price target of $10/share reflects a P/E multiple–based target, based upon 2022E earnings power, and a 13.5x multiple, discounted at 15%/year to present value, along with an additional 25% risk discount.”,” FBR & Co’s analyst commented.

Other research analysts also recently issued reports about the stock. Seaport Global Securities reissued a buy rating and set a $10.00 price target on shares of Evoke Pharma in a research note on Friday, October 6th. HC Wainwright reissued a buy rating and set a $9.00 price target on shares of Evoke Pharma in a research note on Monday, September 18th. Northland Securities reissued a buy rating and set a $10.00 price target on shares of Evoke Pharma in a research note on Wednesday, October 18th. Zacks Investment Research raised shares of Evoke Pharma from a strong sell rating to a hold rating in a research note on Thursday, October 12th. Finally, ValuEngine raised shares of Evoke Pharma from a sell rating to a hold rating in a research note on Thursday, July 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Buy and an average target price of $8.86.

Evoke Pharma (NASDAQ:EVOK) last posted its quarterly earnings results on Monday, August 14th. The specialty pharmaceutical company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.15). During the same period in the previous year, the firm earned ($0.41) EPS.

COPYRIGHT VIOLATION WARNING: “Evoke Pharma, Inc. (EVOK) Earns Buy Rating from FBR & Co” was originally posted by Community Financial News and is the property of of Community Financial News. If you are reading this article on another domain, it was illegally copied and republished in violation of United States and international copyright law. The legal version of this article can be accessed at https://www.com-unik.info/2017/11/02/evoke-pharma-inc-evok-earns-buy-rating-from-fbr-co.html.

A hedge fund recently raised its stake in Evoke Pharma stock. State Treasurer State of Michigan lifted its position in Evoke Pharma, Inc. (NASDAQ:EVOK) by 37.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 400,000 shares of the specialty pharmaceutical company’s stock after purchasing an additional 108,034 shares during the period. State Treasurer State of Michigan owned about 2.60% of Evoke Pharma worth $1,024,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 12.88% of the company’s stock.

About Evoke Pharma

Evoke Pharma, Inc is a specialty pharmaceutical company. The Company is focused primarily on the development of drugs to treat gastrointestinal (GI) disorders and diseases. The Company is developing EVK-001, a metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.

Analyst Recommendations for Evoke Pharma (NASDAQ:EVOK)

What are top analysts saying about Evoke Pharma Inc.? - Enter your email address in the form below to receive our free daily email newsletter that contains the latest headlines and analysts' recommendations for for Evoke Pharma Inc. and related companies.


Leave a Reply

share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit