EVFM Stock Forecast 2023: Will EVFM Recover?
EVFM Stock Forecast 2023: EVFM is technically bearish. The 12-month EVFM Price Prediction is $1.81.
EVFM Stock: Latest Price
EVFM Stock Forecast Today
|1. Market's Wisdom||Partially Bearish|
|1a. Market Data||Bearish|
|1b. Technical Recommendation||Buy|
|2. Crowd's Wisdom||Neutral|
|2a. Social Media Buzz||Steady|
|2b. Social Media Sentiment||Steady|
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.
EVFM has had the worst start to 2023. The EVFM stock price is now below $0.05 and if the same momentum continues, EVFM is likely to go around $0.01. The below chart shows the performance of EVFM this year:
Performance on the last Trading Day
- Open Price: $0.032
- Close Price: $0.043
- Gain/Loss: +19.44%
- Overall Market Cap: $5.7 M
Recently EVFM stock price was on track of rising above $0.10. But the bears have once again shorted the stock and now EVFM is below $0.05. On the last trading day, EVFM closed nearly 20% lower. EVFM is technically bearish and the fear of stock being valued just a cent has increased exponentially.
Considering the above daily timeframe chart, the buyers will have to push the EVFM stock price above $0.05.. EVFM is below the 50-day MA but is likely to breach the 50-day as well as the 200-day moving averages.
The RSI and Stochastic RSI charts indicate the short sellers are in full control. EVFM is oversold. The MACD series proper is also throwing a Sell signal.
- Moving Average: Sell
- RSI: Oversold
- Stochastic RSI: Oversold
- MACD: Sell
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.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions