Bank of New York Mellon Corp Invests $1.13 Million in Evolus, Inc. $EOLS

Key Points

• Bank of New York Mellon purchased 162,849 Evolus shares worth approximately $1.13 million in the second quarter, joining other institutional investors that increased their positions. Institutional and hedge-fund ownership reached 90.69%.
• Evolus shares opened at $7.91 after a reported 7.7% decline, with a market capitalization of about $522 million and a 12-month trading range of $3.86 to $9.31.
• Analysts maintain a generally positive outlook, giving the stock a “Moderate Buy” consensus and an average price target of $14.50, although insider David Moatazedi sold 105,108 shares for approximately $950,000.

Bank of New York Mellon Corp purchased a new stake in Evolus, Inc. (NASDAQ:EOLS - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 162,849 shares of the company's stock, valued at approximately $1,130,000. Bank of New York Mellon Corp owned about 0.25% of Evolus at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. State of Wyoming bought a new position in Evolus during the 2nd quarter worth approximately $271,000. Assenagon Asset Management S.A. increased its stake in Evolus by 51.8% in the second quarter. Assenagon Asset Management S.A. now owns 908,180 shares of the company's stock valued at $6,303,000 after purchasing an additional 310,035 shares in the last quarter. Perceptive Advisors LLC bought a new stake in Evolus in the first quarter valued at approximately $5,289,000. ADAR1 Capital Management LLC raised its holdings in Evolus by 55.8% in the first quarter. ADAR1 Capital Management LLC now owns 55,859 shares of the company's stock worth $230,000 after purchasing an additional 20,000 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in Evolus by 40.2% in the first quarter. Quantinno Capital Management LP now owns 124,761 shares of the company's stock worth $513,000 after purchasing an additional 35,773 shares during the period. 90.69% of the stock is currently owned by institutional investors and hedge funds.

Evolus Trading Down 7.7%

EOLS opened at $7.91 on Friday. The stock has a market capitalization of $522.46 million, a P/E ratio of -15.21 and a beta of 1.42. Evolus, Inc. has a 12 month low of $3.86 and a 12 month high of $9.31. The firm's fifty day simple moving average is $7.40 and its 200 day simple moving average is $6.22.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Weiss Ratings raised shares of Evolus from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, June 15th. Wall Street Zen upgraded Evolus from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. HC Wainwright reissued a "buy" rating and issued a $13.00 target price on shares of Evolus in a research note on Tuesday, August 25th. Finally, BTIG Research restated a "buy" rating and issued a $13.00 price target on shares of Evolus in a report on Wednesday, June 17th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $14.50.

Insider Activity

In other news, insider David Moatazedi sold 105,108 shares of the business's stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $9.04, for a total value of $950,176.32. Following the sale, the insider directly owned 499,592 shares in the company, valued at $4,516,311.68. The trade was a 17.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is owned by corporate insiders.

About Evolus

Evolus, Inc is a specialty pharmaceutical company focused on medical aesthetics. Headquartered in Newport Beach, California, Evolus develops and commercializes products designed to enhance facial appearance through minimally invasive procedures. Since its founding in 2017, the company has positioned itself in the fast-growing aesthetic market by partnering with leading manufacturers and leveraging clinical expertise to bring innovative injectables to practitioners and patients.

The company's flagship offering, Jeuveau (prabotulinumtoxinA-xvfs), is a neuromodulator approved by the U.S.

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