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

Wall Street Analyst Weigh In

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

Evotec Stock Performance

The business has a 50-day moving average price of $3.76 and a two-hundred day moving average price of $3.82. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.49 and a current ratio of 1.58.

Hedge Funds Weigh In On Evotec

Several large investors have recently bought and sold shares of EVO. DCF Advisers LLC boosted its stake in 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 acquiring an additional 521,708 shares in the last quarter. WCM Investment Management LLC acquired a new stake in Evotec in the second quarter valued at about $1,239,000. Pitcairn Co. acquired a new stake in Evotec in the second quarter valued at about $1,097,000. Envestnet Asset Management Inc. purchased a new position in Evotec in the second quarter valued at about $385,000. Finally, ABC Arbitrage SA purchased a new position in Evotec in the first quarter valued at about $260,000. Institutional investors and hedge funds own 5.81% of the company's stock.

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.