Brean Capital analyst Difei Yang downgraded Evoke Pharma to Hold from Buy after the company announced that its Phase 3 clinical trial of EVK-001 in female patients with symptomatic diabetic gastroparesis did not achieve its primary endpoint of symptom improvement. The company's net cash position at $4M is not sufficient to run another Phase III trial with roughly 200 patients, Yang tells investors in a research note. The analyst has "limited visibility" on the path forward for EVK-001. Shares of Evoke are down 71%, or $7.61, to $3.12 in early trading.