Why Evofem Biosciences Stock Is Surging Today

Evofem Biosciences Inc EVFM shares are trading higher Tuesday after the company announced an agreement with a pharmacy benefit manager.

The agreement aims to ensure most women covered by this plan can fill their Phexxi prescriptions for pregnancy prevention, without restrictions such as prior authorization or step therapy. Phexxi is an on-demand method of birth control used to prevent pregnancy.

"This new agreement removes existing barriers, allowing women in the U.S. covered by this plan to fill their Phexxi prescriptions immediately," said Saundra Pelletier, CEO of Evofem.

Beginning July 1, Evofem anticipates saving approximately $400,000 through the end of 2022 and close to $1 million on an annualized basis with the removal of the prior authorization process. 

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EVFM Price Action: Evofem has traded between $1.51 and 11 cents per share over a 52-week period.

The stock was up 19.6% at $1.29 at press time, according to data from Benzinga Pro.

Photo: Michal Jarmoluk from Pixabay.