Market News

Evofem Reveals Outlook for Q4; Street Sees 187.5% Upside

Shares of Evofem Biosciences, Inc. (EVFM) gained 12.9% on Thursday after the company disclosed that it expects robust prescription and net revenue growth in the fourth quarter of 2021.

Evofem expects total monthly prescriptions (TRx) of Phexxi, a hormone-free, on-demand prescription contraceptive vaginal gel, to cross 30,000 in the fourth quarter. This represents about 70% growth from third quarter TRx levels.

Also, it anticipates 24,000 women to prefer Phexxi in the fourth quarter itself, taking the total figure to more than 57,000 women from launch through year-end 2021. Further, gross revenues are likely to rise more than 50% from the third quarter. (See Evofem stock charts on TipRanks)

The CEO of Evofem, Saundra Pelletier, said, “Based on the increasing demand for Phexxi, we expect to meet or exceed the current analyst consensus estimate of net revenue in the fourth quarter. We are also diligently reducing our quarterly net cash burn rate and expect it will decrease by at least $10 million from Q3 levels starting in the fourth quarter of 2021.”

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Wall Street’s Take

Last month, H.C. Wainwright analyst Ram Selvaraju maintained a Buy rating on Evofem but lowered the price target to $2 from $2.50. The new price target implies 316.7% upside potential.

The stock has a Moderate Buy consensus rating based on 2 Buys and 1 Sell. The average Evofem price target of $1.38 implies 187.5% upside potential from current levels.

Negative Sentiments

TipRanks’ Stock Investors tool shows that investors currently have a Very Negative stance on Evofem, with 13.2% of investors decreasing their exposure to EVFM stock over the past 30 days.

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