Invesco Asset Management Ltd. recently announced the acquisition of new stake in Evofem Biosciences Inc. (NASDAQ:EVFM). The institutional investor has increased its shareholding in the Healthcare company by 7.26% to 12.67 million shares with purchase of 0.86 million shares. This fresh investment now brings its stake to 16.20% valued currently at $37.88 million. In addition, BlackRock Fund Advisors raised its holdings by 1.85 million to 2.52 million shares. And Morgan Stanley & Co. LLC has lifted its position by 229,744.42% or 2.51 million shares – to 2.51 million shares.
With over 1.87 million Evofem Biosciences Inc. (EVFM) shares trading Friday and a closing price of $3.13 on the day, the dollar volume was approximately $5.85 million. The shares have shown a positive weekly performance of 2.62% and its price on 08/28/20 gained nearly 2.96%. Currently, there are 81.28M common shares owned by the public and among those 80.00M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for EVFM have a consensus price objective of $10.25. The analysts have set the share’s price value over the next 12 months at a high of $18.00 and a low of $3.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Evofem Biosciences Inc. stock is 2.00 for the next 12 months. But an upside of 82.61% will see the stock hit the forecast high price target while mean target price for the stock is $10.00.
Insiders at the company have transacted a total of 64 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 19 of these insider trades were purchases, accounting for 1,988,685 shares. Insider sales of the common stock occurred on 45 occasions, with total insider shares sold totaling 782,797 shares.
The top 3 mutual fund holders in Evofem Biosciences Inc. are Invesco UK Invt. Ser. – High Inco, Invesco UK 2 Investment Series -, and Schroder UK Public Private Trust. Invesco UK Invt. Ser. – High Inco owns 7.66 million shares of the company’s stock, all valued at over $22.92 million. Schroder UK Public Private Trust bought 1.42 million shares to bring its total holdings to over 2.82 million shares at a value of $8.44 million. Schroder UK Public Private Trust now owns shares totaling to 3.61% of the shares outstanding.
Shares of Evofem Biosciences Inc. (NASDAQ: EVFM) opened at $3.04, unchanged from a prior closing price of $3.04. However, the script later closed the day at $3.13, up 2.96%. The company’s stock has a 5-day price change of 2.62% and -38.14% over the past three months. EVFM shares are trading -49.27% year to date (YTD), with the 12-month market performance down to -42.25% lower. It has a 12-month low price of $2.73 and touched a high of $7.50 over the same period. Currently, 1.87 million shares have been traded, compared to an average intraday trading volume of 4.01 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.38%, 4.00%, and -33.87% respectively.
Institutional ownership of Evofem Biosciences Inc. (NASDAQ: EVFM) shares accounts for 51.60% of the company’s 81.28M shares outstanding. Mutual fund holders own 26.08%, while other institutional holders and individual stakeholders account for 27.42% and 19.09% respectively.
It has a market capitalization of $247.11M and a beta (3y monthly) value of 0.23. The earnings-per-share (ttm) stands at -$1.86. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.97% over the week and 5.79% over the month.
Analysts forecast that Evofem Biosciences Inc. (EVFM) will achieve an EPS of -$0.44 for the current quarter, -$0.33 for the next quarter and -$1.05 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.47 while analysts give the company a high EPS estimate of -$0.41. Comparatively, EPS for the current quarter was -$0.3 a year ago. Earnings per share for the fiscal year are expected to increase by 65.40%, and 46.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Evofem Biosciences Inc. (EVFM) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 3 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the EVFM, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on August 20, 2020, with the firm’s price target at $3. Piper Sandler coverage for the Evofem Biosciences Inc. (EVFM) stock in a research note released on June 08, 2020 offered a Overweight rating with a price target of $11.