EVFM Stock Forecast 2023: EVFM is Bullish, Will it Breach $0.10?
EVFM Stock Forecast 2023: EVFM is technically bullish. The 12-month EVFM Price Prediction is $1.81.
EVFM Stock: Latest Price
EVFM Stock Forecast Today
|Overall Outlook||Partially Positive|
|1. Market's Wisdom||Partially Positive|
|1a. Market Data||Neutral|
|1b. Technical Recommendation||Buy|
|2. Crowd's Wisdom||Neutral|
|2a. Social Media Buzz||Steady|
|2b. Social Media Sentiment||Neutral|
EVFM Stock Price Prediction for the next 12 months
|Average EVFM Stock Forecast for the next 12 Months||$1.81|
|HC Wainwright & Co.||$4|
EVFM Stock Technical Analysis
EVFM was once one of the most sorted among the biopharmaceutical company stocks on NASDAQ. In December 2019, EVFM shares were valued at over $100 per share. But things turned upside down for EVFM and now it is valued at less than $0.10. Trade of Evofem Biosciences, Inc.’s common stock was suspended on August 11, 2022, on NASDAQ and now EVFM can be traded only on OTC markets.
The major fall in the EVFM stock price started in February 2021. EVFM shares were valued at over $75 in February 2021. By May 2022, EVFM was trading below $0.10.
From being one of the major biopharmaceutical company stocks, EVFM is now a penny stock.
Performance on the last Trading Day
- Open Price: $0.064
- Close Price: $0.0702
- Gain/Loss: +8.17%
- Overall Market Cap: $2.48 M
EVFM is technically bullish. The EVFM shares are on the track of rising above $0.10. On the last trading day EVFM closed 8.17% higher. With current momentum as well as the latest CPI report, EVFM is likely to rise higher.
On the above 4-hour timeframe chart, the support for EVFM is $0.060. EVFM is marginally below the 50-day MA but is likely to breach the 50-day MA and face the first level of resistance at $0.099. In case of an extended bullish run, EVFM will likely rise above $0.10 and retest the 200-day MA which is around $0.15.
The buyers are in control and they are pushing the EVFM price higher. The RSI is 52.71 and it is heading toward the over brought territory. The EVFM price is expected to rise higher as there is enough room for RSI to rise before it enters the over-purchased territory.
Both Stochastic RSI and the MACD is positive for EVFM. The Stoch RSI is on an uptrend and heading toward the over-purchased territory. The MACD series proper is now above the 9-day MA. Both indicators are throwing a bullish signal.
Evoguard phase 3 trial results end up disappointing – The company stated that EVO100 did not achieve the desired outcome in testing the prevention of sexually transmitted infections like chlamydia and gonorrhea infection in women.
Phexxi to enter Nigerian Markets – Evofem Biosciences has received regulatory permissions to sell its hormone-free contraceptive vaginal gel in the Nigerian markets. It will be the first overseas sale made by the company. Furthermore, it is determined to enter the markets of Ghana, Ethiopia, and Mexico.
Why is the EVFM stock price falling?
Prior to the pandemic, the stock was traded in a range of $100 and is now left in shambles pricing at $0.06 as of 30th November. EVFM’s product is a contraception gel for women. And their selling vantage point is that it is hormone-free, unlike other oral protections that cause mood swings, depression, etc. However, in recent trials, it was proved that it is not as safe as conventional protection applicators. In the trial, around 1900 women tested positive for STI. This reason alone may have affected the stock price adversely. However, it is FDA approved birth control vaginal gel applicator. And its market value of $6.8 million with a price-to-sales ratio is coming down as cheap as 1.9x. If the company can optimize its operating expense, it can become profitable and provide high rewards to the investors.
EVFM Stock Forecast: Q2 Results
- Revenue for the company stood at $6.03M with a YoY growth rate at 224.9%. It is an improvement from the last quarter revenues which stood at $4.25M.
- The earnings per share stood at -4.57 with a YoY at -14.16%.
- Net Income for the company stood at $-125.98M with a YoY of -276.89%.
- The Free Cash flow of the company stands at -$27M with a YoY of 50.41% which has improved by $7M as compared to the last quarter but still gives worrying signs as the company is not making that much sales upto the mark and is in a huge net loss.
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