Evoke Pharma, known by its ticker symbol EVOK, has recently announced a notable advancement regarding its treatment for gastroparesis, a condition that affects the stomach’s ability to empty its contents. The company has received a notice of allowance from the United States Patent and Trademark Office for a patent application covering the utilization of Gimoti, specifically for patients experiencing moderate to severe symptoms of this condition. This patent application builds upon U.S. Patent No. 11,517,545 and further strengthens Evoke’s offerings related to the intranasal delivery of metoclopramide.
Once granted, the patent is expected to remain in effect until December 2036. Evoke Pharma has plans to include this patent in the FDA’s Orange Book, which could significantly enhance Gimoti’s market exclusivity beyond the duration of the existing patents. This strategy positions the company to maintain a competitive advantage in addressing the needs of gastroparesis patients.
In terms of Wall Street forecasts, analysts have projected a favorable outlook for Evoke Pharma. According to analysis from one brokerage firm, the average target price for the company is set at $18.00, indicating a potential upside of approximately 576.69% from the current trading price of $2.66. Furthermore, the consensus recommendation from the same brokerage suggests an “Outperform” status, with a rating of 2.0 on a scale where 1 indicates a Strong Buy and 5 a Sell.
Additionally, estimates from GuruFocus point to a calculated GF Value of $8.43 for Evoke Pharma within a year, suggesting a possible upside of 216.92% from its current price. The GF Value is derived from historical multiples, prior business growth, and anticipated future performance indicators.
Overall, the developments for Evoke Pharma signal an optimistic outlook for both the company and its treatment offerings, as it seeks to enhance the quality of care for those suffering from gastroparesis while also providing a promising financial perspective for investors.