Shares of Evoke Pharma Inc. (Nasdaq:EVOK) climbed more than 10% in pre-market trading Thursday after analysts at Rodman & Renshaw upgraded the company's stock from a Neutral to a Buy rating while increasing their price target from $2.50 to $6.00, representing a potential upside of 123% from the stock’s closing price on Wednesday of $2.69
Yesterday, the specialty pharmaceutical company provided additional data from the late-stage trial evaluating its metoclopramide nasal spray Gimoti for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women. According to Evoke Pharma, the Phase 3 trial results demonstrated that patients with moderate to severe symptoms responded statistically significantly better when treated with Gimoti than those treated with placebo at multiple time points in the Intent-to-Treat and Per Protocol populations.
Gastroparesis is a disorder affecting people with both type 1 and type 2 diabetes in which the stomach takes too long to empty its contents (delayed gastric emptying).
Evoke Pharma is focused primarily on the development of drugs to treat gastrointestinal (GI) disorders and diseases.
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