Evoke Pharma's Retail Sentiment Soars As Stock Rockets On Promising Real-World Data For Gastric Disorder Drug

Shares of nano-cap specialty biopharma Evoke Pharma, Inc. ($EVOK) skyrocketed on Monday following its presentation of positive data for its lead drug Gimoti as a treatment option for diabetes gastroparesis.

Solana Beach, California-based Evoke said on Monday that it along with its Eversana, a provider of global commercial services to the life sciences industry, presented data for GLP-1 users with diabetic gastroparesis using Gimoti at the 2024 American College of Gastroenterology annual meeting.

The real-world retrospective study that evaluated the impact of Gimoti showed significant reductions across a collection of outcomes observed in patients treated with Gimoti, a nasal formulation of metoclopramide, versus oral formulation of the same, Evoke Pharma said.

Patients taking nasal formulation had reduced healthcare resource utilization, and fewer healthcare visits.

"Our goal is to provide data regarding Gimoti as supportive care for diabetic gastroparesis for those also on GLP-1 agonists. This study, combined with the earlier real-world data presented at key conferences, reinforces GIMOTI's potential to improve outcomes for patients and reduce the overall financial burden on the healthcare system,” said Matt D’Onofrio, CEO of Evoke Pharma.

Amid the stock rally, retail sentiment toward the stock improved from ‘neutral’ a day ago to ‘extremely bullish’ (97/100) on Monday morning, with message volume spiking to ‘extremely high.’

Some among the retail crowd cautioned against selling the stock and said it is worth much more than the level at which it currently traded.

Gimoti received FDA approval as an option of alleviating symptoms in adults with acute and recurrent diabetic gastroparesis in June 2020.

In the second-quarter ended June 30, 2024, Gimoti sales climbed 126% year-over-year and 47% sequentially to $2.55 million. At that time, the company revised up its 2024 net sales guidance from $11 million-$12 million to $14 million, citing the trend seen in the first half of the year.

As of 11:05 a.m. ET, Evoke Pharms shares climbed 67.55% to $3.58.

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