Shares of Evofem Biosciences Inc. (EVFM) soared 30.6% in trading on Friday, hours after the Supreme Court decision striking down Roe v. Wade was announced. Experts have speculated that the court's decision could lead to restrictions on birth control in the future although that was not included in Friday's decision. Evofem makes a non-hormonal gel that is used about an hour before sex to prevent pregnancy by controlling pH levels, which in turn lessens the mobility of sperm. It is prescribed by health care providers. "When women are denied safe, legal abortion, the importance of access to FDA-approved contraception is greater than it has ever been," Evfem CEO Saundra Pelletier told investors in May. Evofem's stock has declined 92.5% this year, while the broader S&P 500 is down 20.3%.
(END) Dow Jones Newswires
June 24, 2022 12:10 ET (16:10 GMT)
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