Birth-control drugmaker Evofem Biosciences has spiked 240% since the Supreme Court's decision to overturn Roe vs. Wade
EvofemBiosciences shares spiked 240% in the past two days following the overturning of Roe vs. Wade.
- The drugmaker owns
Phexxi, one of the few non-hormonal birth controloptions available.
Evofem Biosciences shares extended their two-day gain to 240% on Monday, continuing a surge that began in the wake of the Supreme Court's decision to overturn Roe vs. Wade on Friday.
Shares climbed to $1.08 as of 1:05 pm ET, from Friday's opening price of $0.33.
Evofem is the manufacturer of Phexxi, a contraceptive gel that prevents pregnancy by altering users' pH levels and has proven to be up to 93% effective in FDA trials. The gel is marketed as one of the few birth control options available for women who are hesitant or unable to use hormonal methods.
"I think it's insane that women have not had an option like this before now," Evofem CEO Saundra Pelletier said in a 2021 interview to the New York Times.
Amid the setback in women's reproductive rights, Evofem has drawn interest from investors who see the company's product as potentially filling a gap as abortion becomes illegal or restricted in many states and other birth control methods potentially come under more scrutiny from lawmakers. The company reported $4.2 billion in revenue in the first quarter of 2022, up from $1.1 billion in the same period last year.
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