Evofem Biosciences, Inc. (EVFM) stock was up by 6.56% at $0.3950 premarket, at the last check on Tuesday. In the previous session, the stock lost 2.37% at the closing price of $0.3707 on December 20.
Currently, the 163.14 million outstanding shares of the company trade at a market capitalization of $61.95 million.
What is going on?
While the EVFM stock was in the red in the previous session, it is trading in the green in today’s premarket session. There is no official news from the company but some other background noises are ringing in the market. As per reports, Saundra L Pelletier (CEO EVFM) and Justin J. File (CFO EVFM) bought shares of the company on Monday. Moreover, Mr. File bought 40,594 shares of the stock at a price of $0.37 per share. Hence, the total worth of the transaction was $15,019.78. Furthermore, Pelletier purchased 135,000 shares of the company at a price of $038 per share, with a total value of $51,300.
In addition, news of great revenue estimates for the current fiscal quarter is also circulating in the market. According to Wall Street brokerages, EVFM is expected to post sales of $2.76 million for the current quarter.
EVFM’s Collaboration with Orion Biotechnology
On December 16, both the companies disclosed their collaboration for developing MPT product candidates. According to the agreement, the compatibility of Orion’s OB-002 will be tested in EVFM’s Phexxi®. Moreover, its goal would be the development of a Multipurpose Prevention Technology (MPT) product candidate. Furthermore, the MPT will include indications like the prevention of HIV in women.
Orion’s OB-002
OB-002 is Orion’s novel CCR5 antagonist, which has shown best-in-class in vitro potency in trials. In a non-human primate model, OB-002 demonstrated 100% effectiveness in blocking HIV transmission. Moreover, it also showed positive results in a Phase 1 study.
EVFM’s Phexxi®
Launched in September 2020, Phexxi is EVFM’s prescription contraceptive gel. Currently, the company is expecting top-line data from its Phase 3 trial in the second half of 2022. The trial will demonstrate Phexxi’s effectiveness in the prevention of chlamydia and gonorrhea.
EVFM’s Financial Highlights
On November 16, the company announced the financial results of its third quarter of 2021.
In the third quarter of 2021, EVFM incurred a net loss of $74.1 million or $0.48 per share.
Furthermore, the company ended the quarter with cash, cash equivalents of $14.9 million.
