The stock of Evofem Biosciences, Inc. (NASDAQ:EVFM) is now priced at $3.13 and the shares are 0.09 points up or 2.96% higher compared to its previous closing price of $3.04. The stock had 1.899 million contracts set over the past session. EVFM shares’ daily volume is compared to its average trading volume at 4.039 million shares. However, it has a float of 80 million and although its performance was 2.62% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the EVFM share price recently placing at $3 to $3.13. However, some brokerage firms have priced the stock below the average, including one that has called $3.
The shorts are running away from the Evofem Biosciences, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the EVFM shares have declined. Short interest in the stock represents just 4.58% of its float, but the volume has dropped by -126575. The volume of shorted shares dropped to 3.667 million from 3.794 million shares over the last two weeks. The average intraday trading volume has been 3.127 million shares, which means that days to cover moved to roughly 1.172489.
In the last trading session, Evofem Biosciences, Inc. (NASDAQ:EVFM) raised by $0.08 over the week and gained $0.14 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $7.5. The stock recorded its established 52-week high on 12/02/19.
Since 06/23/20, the stock has traded to a low of $2.73 at 14.65%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.23. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Evofem Biosciences, Inc.’s two-week RSI is 51.84. This suggests that the stock is neutral at the moment and that EVFM shares’ price movement remains stable. The stochastic readings are equally revealing at 31.71% meaning the EVFM share price is currently in neutral territory.
The technical chart shows that the EVFM stock will likely settle at between $3.17 and $3.22 per share. However, if the stock dips below $3.04, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $2.96.
Currently, the stock is trading in the red of MACD, with a reading of -0.07. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned EVFM a rating of Equal-Weight in their intiating review released on August 20. Piper Sandler analysts see the stock as a Overweight with a target price of $11 in a flash note released to investors on June 08 initiating covering the stock. Cantor Fitzgerald analysts see the stock as Overweight when the analysts resumed the share price coverage on October 16, placing it at $9.
The average rating for the EVFM equity is 1.75 and is currently gathering a bullish momentum. Of 5 analysts tracking Evofem Biosciences, Inc. polled by Reuters, 1 rated EVFM as a hold. The remaining 4 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.