Shares of Evoke Pharma Inc ( EVOK ) are trading sharply higher Wednesday morning after the specialty pharmaceutical company announced it has received a Notice of Allowance from the U.S. Patent and Trademark Office for a new patent covering its lead product, GIMOTI.

What To Know: The nasal spray is a treatment for adults with moderate to severe symptoms of diabetic gastroparesis. The new patent, which is expected to expire in December 2036, will extend the market exclusivity for GIMOTI®, a non-oral formulation of metoclopramide.

Evoke Pharma ( EVOK ) plans to list the patent in the FDA’s Orange Book, a key move in protecting the drug from generic competition. This news sent the company’s stock price into overdrive, with shares trading significantly higher in Wednesday’s session.

“This new patent allowance adds meaningful value to the GIMOTI® franchise by reinforcing protection around how and in whom the therapy is used,” said Matt D’Onofrio, CEO of Evoke Pharma ( EVOK ).

The company stated this patent strengthens GIMOTI’s position as a critical treatment option for a patient population that often struggles with the effectiveness of traditional pills.

Price Action: According to data from Benzinga Pro, EVOK shares are trading higher by 171.6% to $7.29 Wednesday morning. The stock has a 52-week high of $12.32 and a 52-week low of $1.94.

Read Also: Evoke Pharma Receives Notice of Allowance for U.S. Patent Application for GIMOTI Extending Orange Book listings to 2036

How To Buy EVOK Stock

Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.

For example, in Evoke Pharma’s case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.

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