By Evoke Pharma Inc (NASDAQ: EVOK) opened well over 100% up on Monday after reporting positive results for a study on its metoclopramide nasal spray.
The pharmaceutical company said its nasal spray known broadly as GIMOTI offers substantial benefits to patients of diabetic gastroparesis (DGP) on GLP-1 receptor agonists.
Evoke conducted that study in collaboration with EVERSANA and the results were reported today at the 2024 Annual Meeting of the American College of Gastroenterology (ACG).
Evoke Pharma stock has now more than tripled since the first week of September.
Why does it matter for Evoke Pharma stock?
GIMOTI helped reduce all-cause visits to the emergency department in patients of DGP using GLP-1 receptor agonists by a whopping 91% in the aforementioned retrospective study that analysed a cohort comprising 92 patients.
Office visits and hospital outpatient visits saw a decline of 41% and 89% as well in the group on the company’s metoclopramide nasal spray.
The data that Evoke Pharma presented today is particularly significant considering a continued increase in the number diabetic patients on GLP-1 receptor agonists. Matt D’Onofrio – its chief executive said in a press release today:
This study combined with the earlier real-world data presented at key conferences, reinforces GIMOTI’s potential to improve outcomes for patients and reduce the overall financial burden on the healthcare system.
Following today’s surge on the back of GIMOTI study results, Evoke Pharma stock has returned to the price at which it started this year (2024).
Other recent developments at Evoke Pharma
The announcement arrives shortly after Evoke Pharma secured about $3.0 million via exercise of warrants.
The company expects this new capital to help with commercialisation of GIMOTI.
In August, the Nasdaq-listed firm reported its financial results for the second quarter that missed Street estimates.
Evoke lost 93 cents a share on $2.55 million in revenue.
Analysts, in comparison, were at 6 cents per share only and $2.98 million, respectively.
At the time, CEO D’Onofrio told investors:
We are continuing to see growth in all phases of our business with increases in HCPs prescribing, patients taking GIMOTI, improvements in covered prescriptions with each showing our best performance in quarter over quarter growth in Q2.
Other notable developments at EVOK in recent weeks include appointment for Benjamin Smeal as a Class II director.
Smeal has previously held positions at Kenmare Management and Willet Advisors.
Note that Evoke Pharma is not a very widely covered stock among Wall Street analysts and it doesn’t pay a dividend at writing.
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