In a report released today, Leland Gershell from Oppenheimer maintained a Buy rating on Evofem Biosciences Inc (EVFM – Research Report), with a price target of $11. The company’s shares closed yesterday at $4.45.
Gershell said:
“1Q net loss of $18.1M vs. our $15.0M estimate; Amphora’s NDA re-submission modestly pushed out to 4Q19, but review will now include second manufacturing site, positioning EVFM to better meet anticipated commercial demand. Guidance on launch timing remains 1H20, and preparations are underway. OUS partnering activities continue to advance, and Phase 2 STI data are on track to report this fall. Following the recent $30M financing w/PDL, we expect an additional $30-50M influx on similar, and in our view favorable, terms, potentially funding EVFM into early commercialization. We believe shares deeply discount Amphora’s $400M+ US sales potential, and reiterate our Outperform.”
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