Daré Bioscience (DARE) stock rocketed higher on Monday after the clinical-stage biopharmaceutical company announced positive interim safety and efficacy results from its ongoing Phase 3 clinical trial. This came from its study of Ovaprene, a monthly, hormone-free intravaginal contraceptive.
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The biggest highlight from the data was that 9% of women taking part in the study became pregnant. This is within the threshold that Daré Bioscience expected. Additionally, there were no new safety concerns, and a board of advisors suggested the study continue unmodified.
Sabrina Martucci Johnson, President and CEO of Daré Bioscience, said, “With millions of women in the U.S. seeking effective, hormone-free birth control, Ovaprene has the potential to address a significant unmet need and transform the contraceptive landscape.”
Daré Bioscience Stock Movement Today
Daré Bioscience stock was up 239.96% during pre-market trading on Monday, following a 5.23% rally on Friday. Investors will note the shares were down 19.39% year-to-date and 25.59% over the past 12 months. Today’s rally came with heavy trading, as some 13 million shares changed hands, compared to a three-month daily average of about 310,000 shares.
Is Daré Bioscience Stock a Buy, Sell, or Hold?
Turning to Wall Street, only four-star H.C. Wainwright analyst Douglas Tsao has covered Daré Bioscience in the past three months. He has a Buy rating for DARE stock with a $12 price target, implying a possible 377.14% upside for the shares.
