- Evoke Pharma (EVOK) stock is taking off on GIMOTI nasal spray news.
- The drug has been approved for the Florida Medicaid Preferred Drug List.
- This has EVOK stock seeing heavy trading today.
Evoke Pharma (NASDAQ:EVOK) stock is rocketing higher on Wednesday after the company received Medicaid approval for its GIMOTI nasal spray.
This approval comes from Florida’s Medicaid Pharmaceutical and Therapeutics Committee. The drug will be immediately added to the Florida Medicaid Preferred Drug List (PDL). GIMOTI is designed to treat symptoms associated with acute and recurrent diabetic gastroparesis.
There are some requirements before GIMOTI can be given to patients through Medicaid. That includes those patients having a diabetic gastroparesis diagnosis, as well as not being able to use oral metoclopramide.
According to Evoke Pharma, these match typical state Medicaid requirements for GIMOTI. It also points out that many people with gastroparesis diagnosis are unable to take oral metoclopramide for a variety of reasons.
Matt D’Onofrio, MBA, CBO of Evoke Pharma, said the following about the news:
“Medicaid approvals across various jurisdictions are one of the primary components of our business plan to increase GIMOTI access. With this addition, we believe we are steadily executing the right strategies to ensure that healthcare providers around the country have the option to make GIMOTI the standard of care for diabetic gastroparesis.”
Heavy trading follows the news, with more than 27 million shares of EVOK stock trading today. That’s well above its daily average trading volume of about 425,000 shares.
EVOK stock is up 51% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.