Evoke Pharma Inc (NASDAQ:EVOK) jumped 20% after announcing its Q2 2021 financial results for the period ended June 30, 2021, including the latest corporate developments.CEO David Gonyer said that through the company’s ongoing commercial expansion, growing visibility in the gastroparesis community, and enhanced in-person physician access, they are motivated by the progress made in Q2 2021.
He added that the company continued to witness promising trends in refills, prescribing physicians, and sales growth which confirms that the company is gaining traction among patients and new doctors. Gonyer said that going into 2H 2021, the company is looking forward to driving its marketing and commercial initiatives to establish GIMOTI as a leading treatment alternative for diabetic gastroparesis patients.
Net sales in Q2 were $237,000 compared to Q1 2021’s $90,000. The increase is attributable to an increase in the number of GIMOTI prescriptions. It is important to note that GIMOTI’s NDA received FDA approval in June 2020, and sales commenced in October. Thus no net sales for the period ended June 30, 2020. With GIMOTI gaining popularity, EVOK is worth watching.
Market Reaction:
On Friday, EVOK stock surged 19.64% at $1.34 with more than 18.22 million shares, compared to its average volume of 498K shares. The stock has moved within a range of $1.1267 – 1.5800 after opening the trade at $1.17.
