Evofem Biosciences (NASDAQ:EVFM) has been taking steps to increase awareness about its FDA-approved product—Phexxi. However, the stock has been losing value over the past year on several concerns. So, let’s find out if it is wise to bet on the stock now. Read on.Commercial-stage biopharmaceutical company Evofem Biosciences, Inc. (EVFM) develops and commercializes various products to address needs in women’s sexual and reproductive health. Its product, Phexxi, which is a pregnancy prevention gel for women, was approved by the U.S. FDA in May 2020. However, EVFM's stock has lost nearly 50% year-to-date to close yesterday’s trading session at $1.21.
EVFM’s EVO100, which is being developed for the prevention of urogenital gonorrhea in women, received a Fast-Track designation from the FDA in May 2021. However, the commercial success of this product is still uncertain.
CEO Saundra Pelletier sale of 122,500 shares in September 2020, following Phexxi’s commercial launch, contributed to a decline in the stock’s price. The company has also been selling shares to fund its commercialization and developmental activities. So, EVFM’s prospects look bleak in the coming months.