Evotec (NASDAQ:EVO) Shares Gap Down - Should You Sell?

Key Points

• Evotec AG's share price experienced a gap down opening at $3.78, down from a previous close of $3.93, with shares last trading at $3.79.
• Analysts have a mixed outlook on Evotec, with Royal Bank Of Canada maintaining an "outperform" rating while Deutsche Bank upgraded it from "sell" to "hold."
• Institutional investors have been active, with significant movements including Bank of America increasing its stake by 262.5% in the last quarter.

Evotec AG (NASDAQ:EVO - Get Free Report)'s stock price gapped down before the market opened on Monday . The stock had previously closed at $3.93, but opened at $3.78. Evotec shares last traded at $3.79, with a volume of 30,109 shares trading hands.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EVO shares. Royal Bank Of Canada restated an "outperform" rating on shares of Evotec in a research note on Thursday, May 15th. Deutsche Bank Aktiengesellschaft upgraded Evotec from a "sell" rating to a "hold" rating in a research note on Thursday, April 24th. Finally, HC Wainwright set a $7.00 price target on Evotec and gave the stock a "buy" rating in a research note on Thursday.

Evotec Price Performance

The company has a debt-to-equity ratio of 0.46, a current ratio of 2.03 and a quick ratio of 1.93. The business has a 50 day moving average price of $4.07 and a two-hundred day moving average price of $3.98.

Institutional Investors Weigh In On Evotec

Hedge funds have recently made changes to their positions in the company. Marshall Wace LLP purchased a new stake in Evotec during the second quarter valued at approximately $169,000. XTX Topco Ltd purchased a new stake in Evotec during the second quarter valued at approximately $66,000. DCF Advisers LLC raised its position in Evotec by 48.3% during the second quarter. DCF Advisers LLC now owns 1,114,493 shares of the company's stock valued at $4,681,000 after purchasing an additional 362,914 shares during the period. Envestnet Asset Management Inc. purchased a new stake in Evotec during the second quarter valued at approximately $385,000. Finally, WCM Investment Management LLC purchased a new stake in Evotec during the second quarter valued at approximately $1,239,000. 5.81% of the stock is currently owned by hedge funds and other institutional investors.

About Evotec

Evotec SE operates as drug discovery and development partner for the pharmaceutical and biotechnology industry worldwide. The company is developing pharmaceutical products in various therapeutic areas, such as autoimmune diseases, cancer, CNS diseases, diabetes, fibrosis, immunology, infectious diseases, kidney diseases, liver diseases, pain and inflammation, rare diseases, respiratory diseases, tuberculosis, and women's health.