Evoke Pharma (NASDAQ:EVOK) Raised to “Buy” at Zacks Investment Research

Evoke Pharma (NASDAQ:EVOK) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has a $1.00 price objective on the specialty pharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 14.27% from the company’s current price.

According to Zacks, “Evoke Pharma, Inc. is a specialty pharmaceutical company focused primarily on the development of drugs to treat gastrointestinal disorders and diseases. The Company’s lead product candidate, EVK-001, is in late stage clinical testing which is intended for the treatment of diabetic gastroparesis. Evoke Pharma, Inc. is based in San Diego, California. “

A number of other equities research analysts also recently weighed in on EVOK. ValuEngine upgraded Evoke Pharma from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. HC Wainwright reiterated a “hold” rating on shares of Evoke Pharma in a report on Friday.

Shares of NASDAQ EVOK traded down $0.01 during trading on Tuesday, reaching $0.88. The stock had a trading volume of 167,668 shares, compared to its average volume of 718,944. Evoke Pharma has a one year low of $0.50 and a one year high of $3.40. The firm has a market capitalization of $20.24 million, a PE ratio of -1.90 and a beta of 1.62. The stock has a 50 day simple moving average of $0.89.

Evoke Pharma (NASDAQ:EVOK) last issued its quarterly earnings results on Thursday, August 8th. The specialty pharmaceutical company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.12) by $0.03. As a group, research analysts forecast that Evoke Pharma will post -0.41 earnings per share for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Evoke Pharma by 5.5% in the fourth quarter. BlackRock Inc. now owns 83,583 shares of the specialty pharmaceutical company’s stock worth $207,000 after purchasing an additional 4,392 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Evoke Pharma in the first quarter worth $118,000. Finally, Marshall Wace LLP bought a new position in shares of Evoke Pharma in the first quarter worth $139,000. Hedge funds and other institutional investors own 7.40% of the company’s stock.

About Evoke Pharma

Evoke Pharma, Inc, a specialty pharmaceutical company, primarily focuses on the development of drugs for the treatment of gastroenterological disorders and diseases. It is developing Gimoti, a metoclopramide nasal spray, which is completed Phase III clinical trials for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.

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