Shares of the Evofem Biosciences, Inc. (EVFM) stock rallied in the current market today on December 16, 2021. EVFM stock price saw an uptrend of 3.94% to reach $0.395 a share at the time of this writing. The trading volume on the last check was 2,580,404. Let’s take a closer look at this stock.
Evofem Biosciences, Inc is a biopharmaceutical company that is engaged in the development and commercialization of products for women’s sexual and productive health. The company’s lead product is Phexxi, a gel to prevent pregnancy.
What’s Happening?
EVFM signed the collaboration agreement with Orion Biotechnology Canada Ltd today after which the EVFM stock got the rising momentum. The purpose of the agreement between both parties is to evaluate the stability and compatibility of Orion’s novel CCR5 antagonist, OB-002, in Evofem’s Phexxi® vaginal gel. The main goal is to develop a Multipurpose Prevention Technology (MPT) product candidate in order to prevent various indications especially HIV in women.
According to a 2020 World Health Organization report, approximately 37.6 million people are living with HIV across the globe. The data indicate that 1.5 million people were recently diagnosed with this disease. These numbers are alarming and increasing at a great pace day by day. Unfortunately, there are limited number of ways for the prevention of this disease. So far, no approved product exists that could prevent pregnancy, STIs, and HIV simultaneously.
Previous News of EVFM stock:
On December 9, 2021, EVFM announced that expects high prescription and revenue growth in the fourth quarter of 2021. This is indeed good news for shareholders of the EVFM stock. According to the EVFM, the monthly subscriptions are likely to surpass 30,000 in the upcoming quarter of 2021. Since its launch, Phexxi has become the choice of more than 57,000 women. 24,000 women opt for Phexxi in the fourth quarter of 2021. The company expects more than a 50% increase in gross revenues in the fourth quarter of 2021. Hence with these stats, the shareholders of the EVFM stock should expect high gross-to-net of the company.
Conclusion:
EVFM stock has captivated the attention of investors after the recent announcement of collaboration between EVFM and Orion Biotechnology. There is a great demand for a product to prevent HIV along with pregnancy and STIs. The recent agreement reflects that company is on a mission to achieve this goal. Hence EVFM stock can be a good bet for long-term investors.
