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Fly News Breaks for July 18, 2016
EVOK
Jul 18, 2016 | 11:21 EDT
Rodman & Renshaw analyst Raghuram Selvaraju downgraded Evoke Pharma to Neutral from Buy and cut his price target for the shares to $2 from $27 after the company reported that a Phase 3 trial of its sole clinical-stage drug candidate, EVK-001, did not achieve the primary endpoint of the study. Evoke is "short of cash and without further financing is slated to run out of capital in October 2016," Selvaraju tells investors in a research note. Brean Capital earlier also downgraded the shares.
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