Evoke Pharma Inc (NASDAQ:EVOK) Sees Significant Growth in Short Interest

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Evoke Pharma Inc (NASDAQ:EVOK) was the recipient of a significant increase in short interest during the month of May. As of May 29th, there was short interest totalling 272,200 shares, an increase of 120.4% from the May 14th total of 123,500 shares. Based on an average daily volume of 392,300 shares, the short-interest ratio is presently 0.7 days. Approximately 1.2% of the shares of the company are sold short.

A number of hedge funds have recently made changes to their positions in EVOK. Marshall Wace LLP bought a new position in shares of Evoke Pharma in the first quarter worth $139,000. Virtu Financial LLC acquired a new stake in Evoke Pharma in the fourth quarter worth about $70,000. Finally, Cetera Advisor Networks LLC lifted its holdings in Evoke Pharma by 108.4% in the first quarter. Cetera Advisor Networks LLC now owns 28,260 shares of the specialty pharmaceutical company’s stock worth $33,000 after purchasing an additional 14,700 shares during the period. Institutional investors own 6.08% of the company’s stock.

Shares of EVOK traded down $0.22 during midday trading on Thursday, hitting $2.23. 807,493 shares of the stock traded hands, compared to its average volume of 313,782. The business’s 50 day moving average price is $1.79 and its two-hundred day moving average price is $1.49. The firm has a market capitalization of $62.69 million, a PE ratio of -8.45 and a beta of 2.02. Evoke Pharma has a 1-year low of $0.50 and a 1-year high of $2.79.

Evoke Pharma (NASDAQ:EVOK) last issued its quarterly earnings data on Tuesday, May 12th. The specialty pharmaceutical company reported ($0.07) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.02). As a group, equities analysts forecast that Evoke Pharma will post -0.22 earnings per share for the current fiscal year.

EVOK has been the subject of several research reports. HC Wainwright reaffirmed a “hold” rating on shares of Evoke Pharma in a report on Thursday, May 21st. ValuEngine lowered Evoke Pharma from a “buy” rating to a “hold” rating in a report on Thursday, March 26th. Finally, Zacks Investment Research downgraded Evoke Pharma from a “hold” rating to a “sell” rating in a report on Tuesday.

About Evoke Pharma

Evoke Pharma, Inc, a specialty pharmaceutical company, primarily focuses on the development of drugs for the treatment of gastroenterological disorders and diseases. It is developing Gimoti, a metoclopramide nasal spray, which is completed Phase III clinical trials for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in women.

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