Evotec (NASDAQ:EVO) Trading Down 2.4% - Here's What Happened

Key Points

• Evotec's stock fell 2.4% on Friday, with shares trading as low as $3.57 and closing at $3.64, reflecting a substantial increase in trading volume.
• Analysts have updated their ratings, with Royal Bank of Canada maintaining an "outperform" rating and HC Wainwright lowering its price target from $8.00 to $7.00, resulting in a consensus price target of $5.40.
• Hedge funds have increased their stakes in Evotec, with DCF Advisers boosting their holdings by 48.3%, indicating growing institutional interest in the company.

Evotec AG (NASDAQ:EVO - Get Free Report) traded down 2.4% during trading on Friday . The company traded as low as $3.57 and last traded at $3.64. 76,706 shares were traded during trading, an increase of 101% from the average session volume of 38,148 shares. The stock had previously closed at $3.73.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Royal Bank Of Canada reissued an "outperform" rating on shares of Evotec in a research report on Wednesday, September 3rd. HC Wainwright cut their price target on shares of Evotec from $8.00 to $7.00 and set a "buy" rating on the stock in a research note on Thursday, August 14th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $5.40.

Evotec Price Performance

The stock's fifty day moving average price is $3.75 and its 200-day moving average price is $3.82. The company has a current ratio of 1.58, a quick ratio of 1.49 and a debt-to-equity ratio of 0.42.

Institutional Investors Weigh In On Evotec

A number of institutional investors have recently made changes to their positions in the stock. DCF Advisers LLC boosted its stake in shares of Evotec by 227.0% in the first quarter. DCF Advisers LLC now owns 751,579 shares of the company's stock valued at $2,510,000 after purchasing an additional 521,708 shares during the period. WCM Investment Management LLC purchased a new position in shares of Evotec in the second quarter valued at approximately $1,239,000. Pitcairn Co. purchased a new position in shares of Evotec in the second quarter valued at approximately $1,097,000. Envestnet Asset Management Inc. purchased a new position in shares of Evotec in the second quarter valued at approximately $385,000. Finally, ABC Arbitrage SA purchased a new position in shares of Evotec in the first quarter valued at approximately $260,000. 5.81% of the stock is currently owned by institutional investors and hedge funds.

Evotec Company Profile

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.