FBR Capital Reiterates Outperform on Evoke Pharma (EVOK) Following 2Q Report
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FBR Capital reiterated an Outperform rating and $9.00 price target on Evoke Pharma (NASDAQ: EVOK) following the company's 2Q earnings report. EVOK reported a 2Q16 net loss of $3.0 million, or ($0.41)/ share, versus estimates of a net loss of $3.4 million, or ($0.47)/share.
Analyst Vernon Bernardino commented, "On August 15, EVOK announced 2Q16 financial results, highlighted by completion of the company’s pivotal Phase III trial with Gimoti, EVOK’s nasal spray metoclopramide (MCP, formerly known as EVK-001) in women with symptoms associated with diabetic gastroparesis. EVOK announced that the primary endpoint (1EP) of symptom improvement by Week Four was not met, which was unexpected since MCP has been used for 35 years as an efficacious treatment for diabetic gastroparesis. A preliminary review showed that results were not consistent across the study sites; thus, EVOK is conducting a further, detailed analysis of the results that could inform the next steps for Gimoti’s path to approval. We look for detailed results to be a positive catalyst in the next one to three months. We reiterate our Outperform rating."
Shares of Evoke Pharma closed at $2.60 yesterday.
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