Evoke Pharma, Inc. (NASDAQ: EVOK) Pops On FDA News

Evoke Pharma, Inc. (NASDAQ:EVOK)

Shares of Evoke Pharma, Inc. (NASDAQ: EVOK) exploded this morning on news that the U.S. Food and Drug Administration Evoke’s Gimoti is exempt from a human factors validation study requirement prior to submission of its New Drug Application. Gimoti is Evoke’s lead product candidate. It is a nasal delivery formulation of metoclopramide for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women.

EVOK shares ended Tuesday at $2.61, gapped up to open this morning at $4.00 on the news, and reached a high of $4.55 before retreating below the $4 handle. Volumes have been very heavy – 26 times normal. Of note may be the number of shares held short. Over 15% of the float is held as a short position. Also of note should be the 52-week trading range of Evoke Pharma, Inc. (NASDAQ: EVOK). EVOK is trading 67% below the 52-week high of $11.11, and 168% above the low of $1.35.

Solana Beach, CA-based Evoke Pharma, Inc. (NASDAQ: EVOK) is a specialty pharmaceutical company focused primarily on the development of drugs to treat gastrointestinal (GI) diseases. Evoke was established by experienced specialty pharmaceutical executives with a successful track record of acquiring, developing, registering, and marketing pharmaceutical products in the US.

Evoke Pharma, Inc. (NASDAQ: EVOK) has no reported sale. Since 2011 there have been annual EPS losses of $2.18, $1.80, $1.20, $2.20, and $1.87 (2015). Two firms, Rodman&Renshaw and Laidlaw, that follow Evoke Pharma, Inc. (NASDAQ: EVOK) upgraded their ratings on EVOK shares this year. Five firms follow Evoke Pharma, Inc. (NASDAQ: EVOK) – two analysts rate EVOK shares as a Strong Buy” while one each rate the shares as a “Buy”, “Hold”, and “Sell”.

I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.

Ticker Symbol EVOK
Last Price a/o 1:44 PM EST  $                      3.58
Average Volume                1,020,000
Market Cap (mlns)  $                    30.93
Sales (mlns) $0.00
Shares Outstanding (mlns) 11.85
Share Float (mlns) 9.5
Shortable No
Optionable No
Inside Ownership 32.37%
Short Float 15.29%
Short Interest Ratio 1.42
Quarterly Return 56.29%
YTD Return 29.21%
Year Return -8.10%