Shares of Evofem Biosciences Inc. (NASDAQ:EVFM) jumped 5%. Recently the company offered interim data at Phexxi for Q2 2021 and provided new insights regarding women using hormone-free contraceptives. In Q2 2021, over 14,000 Phexxi units were dispensed, with around 5,400 healthcare providers prescribing Phexxi.
Since the launch of Phexxi, more than 7,00 providers in healthcare have prescribed Phexxi. Most importantly, around 60% of new users of the contraceptive method range between 18 and 34 years, and over 50% of women using Phexxi have previously been using a hormonal contraceptive.
Chief Executive officer Saundra Pelletier said that the number of women shifting from hormonal contraceptives to Phexxis shows that a movement is occurring. Peletier added that women are looking for a healthy lifestyle, and choosing Phexxi as a hormonal-free birth control method is a natural fit. The company will offer more insight and trends regarding Phexxi during its Q2 earnings call scheduled for August. With the growing uptake of Phexxi, EVFM is worth watching.
Market Reaction:
On Monday, EVFM stock leaped 4.84% at $0.85 with more than 5.72 million shares, compared to its average volume of 12.42 million shares. The stock has moved within a range of $0.7800 – 0.8719 after opening the trade at $0.80.
