Why Evofem Biosciences Stock Is on Fire Today
Shares of the small-cap biotech Evofem Biosciences (NASDAQ: EVFM) rose by as much as 42.5% in pre-market trading Tuesday morning. The company's stock is taking flight in response to the Food and Drug Administration's (FDA) approval for the non-hormonal contraceptive vaginal gel Phexxi last Friday.
Phexxi reportedly prevents pregnancy by altering vaginal pH in a manner that is inhospitable to sperm. This FDA approval marks the first time the agency has given the green light to a hormone-free contraceptive for women in almost 30 years.
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Source Fool.com
