Market Analysts see Evofem Biosciences Inc. [EVFM] gaining to $0.80. Time to buy?


Evofem Biosciences Inc. [NASDAQ: EVFM] traded at a low on 05/20/22, posting a -63.17 loss after which it closed the day’ session at $0.41. The company report on May 20, 2022 that Evofem Biosciences Announces Pricing of Approximately $26.6 Million Public Offering.

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Evofem Biosciences, Inc. (Nasdaq: EVFM) (Evofem) today announced the pricing of its previously announced underwritten public offering of 22,665,000 shares of its common stock, 12,835,000 pre-funded warrants to purchase common stock in lieu of common stock to certain investors and warrants to purchase up to 71,000,000 shares of its common stock. Each share of common stock and accompanying common warrant are being offered at a combined public offering price of $0.75, less underwriting discounts and commissions, and each pre-funded warrant and accompanying common warrant are being offered at a combined public offering price of $0.749, less underwriting discounts and commissions. The pre-funded warrants have an exercise price of $0.001 per share. The common warrants have an exercise price of $0.75 per share, are exercisable immediately, and will expire five years following the date of issuance. All of the shares of common stock, pre-funded warrants and accompanying warrants being offered in the offering are being sold by Evofem. The gross proceeds from the offering to Evofem, before deducting underwriting discounts and commissions and other offering expenses and excluding any proceeds that may be received upon exercise of the common warrants, are expected to be approximately $26.6 million.  The offering is expected to close on or about May 24, 2022, subject to satisfaction of customary closing conditions.

Evofem intends to use the net proceeds from the offering for the continuation of commercialization activities related to its commercial product, Phexxi® (lactic acid, citric acid, and potassium bitartrate) vaginal gel, the continuation of its registrational Phase 3 clinical trial “EVOGUARD”, which is evaluating Phexxi for two potential new indications, the prevention of chlamydia and gonorrhea in women, and related development activities, and other general corporate purposes and other capital expenditures.

The results of the trading session contributed to over 20856406 shares changing hands. Over the past one week, the price volatility of Evofem Biosciences Inc. stands at 15.59% while the volatility over the past one month is 13.27%.

The market cap for EVFM stock reached $14.00 million, with 163.14 million shares outstanding and 155.32 million shares in the current float. Compared to the average trading volume of 304.00K shares, EVFM reached a trading volume of 20856406 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Evofem Biosciences Inc. [EVFM]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for EVFM shares is $26.75 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on EVFM stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Morgan Stanley have made an estimate for Evofem Biosciences Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on October 14, 2021. While these analysts kept the previous recommendation, Stifel raised their target price to Buy. The new note on the price target was released on October 02, 2020, representing the official price target for Evofem Biosciences Inc. stock. Previously, the target price had yet another raise to $3, while Morgan Stanley analysts kept a Equal-Weight rating on EVFM stock.

The Average True Range (ATR) for Evofem Biosciences Inc. is set at 0.25, with the Price to Sales ratio for EVFM stock in the period of the last 12 months amounting to 1.23.

How has EVFM stock performed recently?

Evofem Biosciences Inc. [EVFM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -64.46. With this latest performance, EVFM shares dropped by -86.52% in over the last four-week period, additionally sinking by -94.37% over the last 6 months – not to mention a drop of -96.77% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for EVFM stock in for the last two-week period is set at 13.81, with the RSI for the last a single of trading hit 13.03, and the three-weeks RSI is set at 16.76 for Evofem Biosciences Inc. [EVFM]. The present Moving Average for the last 50 days of trading for this stock 3.5154, while it was recorded at 0.9390 for the last single week of trading, and 7.4198 for the last 200 days.

Evofem Biosciences Inc. [EVFM]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Evofem Biosciences Inc. [EVFM] shares currently have an operating margin of -2023.30 and a Gross Margin at +21.37. Evofem Biosciences Inc.’s Net Margin is presently recorded at -2488.99.

Evofem Biosciences Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Insider trade positions for Evofem Biosciences Inc. [EVFM]

There are presently around $1 million, or 15.60% of EVFM stock, in the hands of institutional investors. The top three institutional holders of EVFM stocks are: VANGUARD GROUP INC with ownership of 427,971, which is approximately -6.438% of the company’s market cap and around 1.50% of the total institutional ownership; BLACKROCK INC., holding 260,687 shares of the stock with an approximate value of $0.11 million in EVFM stocks shares; and MIRADOR CAPITAL PARTNERS LP, currently with $76000.0 in EVFM stock with ownership of nearly 3408.679% of the company’s market capitalization.

Positions in Evofem Biosciences Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 25 institutional holders increased their position in Evofem Biosciences Inc. [NASDAQ:EVFM] by around 253,777 shares. Additionally, 23 investors decreased positions by around 489,600 shares, while 26 investors held positions by with 590,914 shares. The mentioned changes placed institutional holdings at 1,334,291 shares, according to the latest SEC report filing. EVFM stock had 11 new institutional investments in for a total of 10,262 shares, while 6 institutional investors sold positions of 259,687 shares during the same period.