Evoke Pharma Inc. (NASDAQ:EVOK) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 1,308,995 shares, an increase of 35.7% from the August 15th total of 964,787 shares. Based on an average trading volume of 449,451 shares, the short-interest ratio is currently 2.9 days. Approximately 13.2% of the shares of the stock are sold short.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its position in Evoke Pharma by 2.0% in the second quarter. Bank of New York Mellon Corp now owns 23,679 shares of the specialty pharmaceutical company’s stock worth $162,000 after buying an additional 464 shares in the last quarter. State Treasurer State of Michigan purchased a new position in Evoke Pharma during the second quarter worth approximately $171,000. Finally, Vanguard Group Inc. boosted its position in Evoke Pharma by 5.0% in the second quarter. Vanguard Group Inc. now owns 62,381 shares of the specialty pharmaceutical company’s stock worth $427,000 after buying an additional 2,947 shares in the last quarter. 8.19% of the stock is currently owned by institutional investors and hedge funds.
Shares of Evoke Pharma (NASDAQ:EVOK) opened at 1.88 on Wednesday. The firm’s market cap is $23.22 million. The firm has a 50 day moving average price of $2.12 and a 200-day moving average price of $4.48. Evoke Pharma has a one year low of $1.52 and a one year high of $11.11.
Evoke Pharma (NASDAQ:EVOK) last released its earnings results on Monday, August 15th. The specialty pharmaceutical company reported ($0.41) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.43) by $0.02. Analysts forecast that Evoke Pharma will post ($1.19) earnings per share for the current year.
A number of research firms have commented on EVOK. Noble Financial restated a “hold” rating on shares of Evoke Pharma in a research note on Tuesday, August 16th. HC Wainwright set a $2.50 price objective on Evoke Pharma and gave the stock a “hold” rating in a research note on Tuesday, August 16th. Northland Securities lowered Evoke Pharma from an “outperform” rating to a “market perform” rating in a research note on Monday, July 18th. Feltl & Co. lowered Evoke Pharma from a “strong-buy” rating to a “sell” rating in a research note on Monday, July 18th. Finally, Brean Capital downgraded Evoke Pharma from a “buy” rating to a “hold” rating in a report on Monday, July 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Evoke Pharma has an average rating of “Hold” and an average price target of $10.28.
Evoke Pharma Company Profile
Evoke Pharma, Inc is a specialty pharmaceutical company. The Company is focused primarily on the development of drugs to treat gastrointestinal (GI) disorders and diseases. The Company is developing EVK-001, a metoclopramide nasal spray for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.
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