Evoke Pharma (EVOK) Stock Still Slipping After Trial Results
NEW YORK (TheStreet) -- Shares of Evoke Pharma (EVOK) - Get Report are sinking by 15.42% to $2.44 in afternoon trading on Tuesday, after a phase III clinical trial for the company's diabetic gastroparesis drug for female patients, EVK-001, missed its primary endpoint in topline results.
The Solana Beach, CA-based pharmaceutical company's trial showed similar improvement in the EVK-001 and placebo groups by week four, but the results were not consistent across study sites.
The results were "unexpected and an anomaly," company CEO Dave Gonyer said in a statement. He added that the company still feels EVK-001 is a reliable treatment option.
Separately, Noble Financial lowered its stock rating on the company to "hold" from "buy," citing the trial results.
Evoke noted that it will give an updated analysis once more data is made available.