Evoke Pharma Stock Is Soaring Monday: What's Going On?

Evoke Pharma Inc EVOK shares are trading higher Monday after the company presented GLP-1 data for users with diabetic gastoparesis using GIMOTI showing statistically significant improvements.

What Happened: Evoke Pharma announced Monday morning the results from a real-world retrospective study evaluating the impact of GIMOTI (metoclopramide nasal spray) in patients with diabetic gastroparesis (DGP) who were concurrently using GLP-1 receptor agonists.

The study compared healthcare resource utilization (HRU) between patients using GIMOTI nasal metoclopramide (NMCP) and those on oral metoclopramide (OMCP), specifically focusing on individuals with a prior GLP-1 prescription. 

Evoke said patients with prior GLP-1 history had reduced HRU after taking NMCP. For patients taking GLP-1, those that took NMCP had fewer healthcare visits compared to those taking OMCP. The company also found that NMCP can be used to effectively treat patients with gastroparesis taking GLP-1 treatment and avoid costly healthcare visits.

“This data is particularly encouraging given the rising number of patients using GLP-1 agonists for diabetes, many of whom also suffer from gastroparesis,” said Matt D’Onofrio, CEO of Evoke Pharma.

“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.”

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Evoke said these results build on data presented at Digestive Disease Week 2024 and ACG 2023 that demonstrated that patients treated with GIMOTI showed fewer hospitalizations, emergency department visits and physician office visits compared to those using oral metoclopramide.

Evoke Pharma’s average session volume over the past 100 days is about 72,000, according to Benzinga Pro. Monday’s trading volume was around 8.16 million at the time of writing.

Evoke is considered a low-float stock with approximately 727,000 shares available for public trading, according to Benzinga Pro.  The company also had a market cap of less than $4 million as of Friday’s close. Low-float, micro-cap stocks can be extremely volatile, which may help explain some of Monday’s surge.

EVOK Price Action: Evoke Pharma shares were up 128.1% at $12.09 at the time of publication, according to Benzinga Pro.

Photo: Shutterstock.