Evoke Pharma Gets a Buy Rating from FBR Capital

By Austin Angelo

In a report released yesterday, Vernon Bernardino from FBR Capital reiterated a Buy rating on Evoke Pharma (NASDAQ: EVOK), with a price target of $9. The company’s shares opened today at $2.52, close to its 52-week low of $1.35.

Bernardino observed:

“We think agreements reached with the FDA have provided Evoke Pharma with a clear regulatory path for advancing Gimoti as a metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent gastroparesis in women with diabetes mellitus. The company has maintained its projection for filing a New Drug Application (NDA) for Gimoti’s FDA approval in late 2017 or early 2018. One particularly key positive development in 1Q17 was gaining an agreement that a Human Factors Validation Study would not be required prior to filing the NDA. We think investors have not fully recognized the value of this agreement, as conducting this study would have significantly delayed Gimoti’s approval. We look for near-term investor recognition of this and other de-risking factors to increase and result in positive stock outperformance vs. the NASDAQ Biotechnology Index in 2017 (up 30% versus up 11% YTD, respectively).”

According to TipRanks.com, Bernardino is ranked 0 out of 5 stars with an average return of -6.8% and a 30.1% success rate. Bernardino covers the Healthcare sector, focusing on stocks such as ImmunoCellular Therapeutics, Actinium Pharmaceuticals, and Conatus Pharmaceuticals.

Evoke Pharma has an analyst consensus of Moderate Buy, with a price target consensus of $9.

The company has a one year high of $11.11 and a one year low of $1.35. Currently, Evoke Pharma has an average volume of 324.2K.

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Evoke Pharma, Inc. is a pharmaceutical company, which engages in the development of drugs for the treatment of gastrointestinal disorders and diseases. It develops EVK-001 for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women. The company was founded by Matthew J. D’Onofrio, Cam L. Garner, Scott L. Glenn and David A. Gonyer on January 29, 2007 and is headquartered in Solana Beach, CA.