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Oppenheimer initiates coverage of Evofem Biosciences with Outperform rating and US$9 price target

The analyst forecasts that Evofem's contraceptive Amphora could stage its US launch in early 2020
Scientist in a lab
Amphora could see a low-risk path to approval by the FDA

Oppenheimer is initiating coverage on Evofem Biosciences Inc (NASDAQ:EVFM) with an Outperform rating and a US$9 price target, encouraged by the success of its contraceptive Amphora.

Oppenheimer’s Christopher Liu predicts that Amphora will see a low-risk path to approval by the US Food and Drug Administration and forecasts that the drug could stage its US launch in early 2020.

Unlike other varieties of contraception, Amphora can be used an hour before sex via a pre-filled applicator.

“We believe Amphora’s differentiated profile will foster steady uptake, and just modest penetration into the [approximately] $5.5B contraceptive market should translate into meaningful sales revenue for EVFM,” said Liu.

A potential label expansion to include the prevention of certain sexually transmitted infections, including chlamydia and gonorrhea, could also drive additional sales growth.

Amphora has already been tagged as a “qualified infectious disease product” by the FDA for the prevention of urogenital gonorrhea in women and to reduce recurrent episodes of bacterial vaginosis.

Evofem shares closed up 4% to US$3.41 on Monday.

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