Roe vs. Wade overturn, market reacts as ‘Evofem Biosciences’ shares spiked
Evofem Biosciences shares spiked over 240% in the past two days following the overturning of Roe vs. Wade!
Evofem Biosciences shares extended their two-day gain over 240% on Monday, and is continuing a surge that began in the wake of the Supreme Court’s decision to overturn Roe vs. Wade on Friday.
*Evofem Biosciences tweet on Phexxi drug agreement
Evofem Reaches Agreement with One of the Largest Pharmacy Benefit Managers in the U.S. for Access to Phexxi® $EVFM https://t.co/Sxq8RQILYa pic.twitter.com/RjXGfVBwl1
— Evofem Biosciences (@Evofem) June 28, 2022
Shares climbed to $1.08 as of 1:05 pm ET, (opening price of $0.33)
The drugmaker owns Phexxi, one of the few non-hormonal birth control options available.
Evofem is the manufacturer of Phexxi, a contraceptive gel that prevents pregnancy by ‘altering users’ pH levels and has proven to be up to 93% effective in FDA trials’Â
- The gel is marketed as one of the few birth control options available for women who are hesitant or unable to use hormonal methods.
Amid the setback in women’s reproductive rights,
Evofem has drawn interest from investors who see the company’s product as potentially filling a gap as abortion becomes illegal or restricted in many states and other birth control methods potentially come under more scrutiny from lawmakers.
The company reported $4.2 billion in revenue in the first quarter of 2022, (up from $1.1 billion in the same period last year)
