Pharmaceutical filing citing American Journal of Obstetrics and Gynecology paper — Evofem Biosciences, 2021-04-07
Evofem BiosciencesEvofem BiosciencesOTC EVFM
Filings SEC · Quote Yahoo cited a paper published in the American Journal of Obstetrics and Gynecology as the basis for its claims in a regulatory filing with the U.S. Securities and Exchange CommissionU.S. Securities and Exchange Commission
Regulator · Website. The company read the way it wrote the paper and the actual scope the paper demonstrated, in order. The stock price movement for one month after the filing was compared to past cases of the same type, and the position was noted. This is a retrospective judgment written after knowing the results. The paper was read only up to the abstract.
The disclosure wrote the paper in the press release like this
When a U.S. listed company has something to inform shareholders, the report submitted to the Securities and Exchange Commission is called 8-K. The item number of the document submitted by Evofem Biosciences on 2021-04-07 was 7.01 Reg FD disclosure · 9.01 financial statements · attached documents. The company cited a paper published in American Journal of Obstetrics and Gynecology in the attached press release. The sentence citing the paper, copied verbatim from the original, is as follows.
EVO100 Prevents Chlamydia and Gonorrhea in Women at High-Risk for Infection. Am.
What readers should first look at is where the company placed the paper in the press release. Next, they should determine whether the paper supports the entire company's claim or only a part of it. To answer the latter question, one must read the full paper. This article, which only read the abstract, cannot provide an answer.
The scope of the paper discussed in the abstract is limited to this extent.
The title of the paper is EVO100 prevents chlamydia and gonorrhea in women at high risk of infection and it was published in American Journal of Obstetrics and Gynecology on 2021-03-08. The authors' affiliations are University of Memphis · Jackson Memorial Hospital · University of Mississippi Medical Center · Pinnacle Clinical Research. The summary published at the beginning of the paper is called abstract. What this article read was only up to there. This paragraph was rewritten by a person after filtering a draft written by a machine reading the abstract through numerical comparison, so it is of a different grade from a full-text reading and original judgment.
The abstract of this paper is not publicly available, so it was not summarized. What can be known from the title is that it is a study examining whether EVO100, a vaginal formulation, prevents chlamydia and gonorrhea infections in women at high risk of infection. The number of participants and the duration of the study are in the main text.
The abstract does not answer; it remains in the main text and the appendix. This text, which does not go there, leaves the blank as it is. Readers compare the two citations above to determine which sentence in the abstract corresponds to the excerpt cited by the company.
One month later, the stock price was within the bottom quarter of the sample.
The return remaining after subtracting the portion that moves with the overall market is called excess return. The date is written as trading day, counting only the days when the stock market is open. In terms of a calendar, 20 trading days are about a month. The regulatory filing day in this case and the excess return for the following month are listed in the table below.
| Period | Excess return relative to the market | Meaning |
|---|---|---|
| 5 trading days before the filing | +1.4% | The extent to which it had already moved before the filing |
| regulatory filing day | −3.6% | filing day or the first trading day thereafter |
| +1~+5 trading day cumulative | −8.7% | one week |
| +1~+20 trading day cumulative | −27.9% | one month |
A bundle of past cases of the same type is called a sample. The position counted from the bottom is expressed as a percentile. The one-month excess return of -27.9% in this case falls within the bottom quarter, at the 15% level from the bottom among 142 cases in the sample.
| sample scale (20 trading days) | Tenth from the bottom | Fourth from the bottom | median | top 25% | top 10% | this case |
|---|---|---|---|---|---|---|
| excess return | −31.9% | −20.1% | −6.9% | +5.5% | +19.5% | −27.9% |
Half of the sample falls between the two middle marks in the table. Check in the table whether this case falls inside or outside of that range. The sample consists of cases where U.S.-listed companies cited papers in 8-K filings over the past decade. The company itself is excluded from the sample. The numbers listed here are historical facts, not rules to apply to future cases.
After the filing, the company submitted these documents.
After the filing date, this company submitted three 8-K filings. Only the item numbers are listed here. In 8-K filings without titles, the item numbers indicate the type of content. Whether it was an earnings announcement or a contract can be identified by the number. The details of what occurred are read in the original text via each link.
- 2021-05-06 8-K Item 2.02,9.01 — Earnings announcement · Financial statements · Attached documents
- 2021-05-12 8-K Item 5.07 — Results of shareholders' meeting
- 2021-05-19 8-K Item 1.01,8.01,9.01 — Important contract signed · Other events · Financial statements · Attached documents
What this article does not answer
This article, which only reads abstracts, cannot answer how the paper reviewed what method, what was tested, and up to what extent. How many times the paper cited by the company has been cited afterward can be reconfirmed via the citation count on OpenAlexOpenAlex
Data source · Website. What will be seen next is whether the company's next 8-K again cites the same paper.
Term Explanation
- 8-K
- A periodic report submitted to the Securities and Exchange Commission by a U.S.-listed company when it needs to inform shareholders of an event. The type of report is indicated by item numbers, such as earnings, contracts, or executive changes. All events mentioned in this article are derived from this document.
- Excess return
- The portion of a stock's return that remains after subtracting the overall market return. It is used to isolate the movement specific to the company, excluding the general market trend.
- Trading day
- A count of days when the stock market is open. Weekends and holidays are excluded, so 20 trading days correspond to approximately one calendar month.
- Sample and percentile
- A bundle of past cases of the same type is a sample, and the position from the bottom is expressed as a percentile. A percentile of 10 means that nine out of ten cases performed better than this case.
- Abstract
- A summary appearing at the beginning of a paper. The author writes in a few sentences what was done, how it was done, and what results were obtained. Without reading the full text, one cannot know the details and limitations of the methods.