BioTuesdays

Rodman starts Evoke Pharma at buy

Rodman & Renshaw has initiated coverage of Evoke Pharma (NASDAQ:EVOK) with a “buy” rating and $27 price target. The stock closed at $2.91 on Wednesday.

Evoke is currently focused on advancing an intranasal formulation of metoclopramide designated, EVK-001.

“In our view, EVK-001 is substantially risk-mitigated, given the fact that it is being developed in diabetic gastroparesis [and] oral formulations of metoclopramide have been used to treat this condition for decades,” writes analyst Raghuram Selvaraju.

Evoke has generated positive proof-of-concept data from a Phase 2b trial in women with diabetic gastroparesis and is currently conducting a 200-patient, pivotal Phase 3 study in the U.S. Top-line data are expected in mid-2016.

“We anticipate that this data should enable Evoke to file directly for approval of EVK-001 in the U.S. via the 505(b)(2) pathway, which is designed for candidates that are reformulations of existing approved agents,” he added.

Subscribe

Sign up to our weekly BioTuesdays newsletter.

Subscribe

Sign up to our weekly BioTuesdays newsletter.