Evotec (NASDAQ:EVO) Sees Large Volume Increase - Here's Why

Key Points

• Evotec’s trading volume rose 17% to 119,527 shares, while the stock slipped to $1.635 from its prior close of $1.66.
• Analyst sentiment has weakened, with multiple firms downgrading the stock or cutting price targets. MarketBeat reports a consensus rating of Hold and a consensus price target of $3.00.
• Institutional ownership stands at 5.81%, with several investors recently adding positions, including Optiver Holding, which increased its stake by 598.4%.

Evotec AG (NASDAQ:EVO - Get Free Report) shares saw strong trading volume on Tuesday. 119,527 shares traded hands during mid-day trading, an increase of 17% from the previous session's volume of 102,028 shares. The stock last traded at $1.6350 and had previously closed at $1.66.

Wall Street Analyst Weigh In

EVO has been the topic of several analyst reports. Berenberg Bank lowered shares of Evotec from a "buy" rating to a "hold" rating in a research report on Thursday, July 16th. Weiss Ratings cut Evotec from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 25th. TD Cowen lowered Evotec from a "buy" rating to a "hold" rating and set a $2.00 price target for the company. in a research note on Wednesday, July 15th. Finally, HC Wainwright lowered their price target on Evotec from $7.00 to $4.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $3.00.

Evotec Stock Performance

The company's 50-day moving average price is $1.83 and its 200 day moving average price is $2.41. The company has a current ratio of 2.33, a quick ratio of 2.21 and a debt-to-equity ratio of 0.62.

Institutional Trading of Evotec

A number of large investors have recently modified their holdings of the stock. Apollon Wealth Management LLC purchased a new position in Evotec in the first quarter worth approximately $28,000. SmartHarvest Portfolios LLC acquired a new stake in shares of Evotec in the 1st quarter valued at $44,000. Optiver Holding B.V. grew its stake in shares of Evotec by 598.4% during the first quarter. Optiver Holding B.V. now owns 283,576 shares of the company's stock worth $709,000 after purchasing an additional 242,973 shares in the last quarter. Finally, WCM Investment Management LLC grew its stake in shares of Evotec by 12.1% during the first quarter. WCM Investment Management LLC now owns 627,260 shares of the company's stock worth $1,480,000 after purchasing an additional 67,917 shares in the last quarter. Hedge funds and other institutional investors own 5.81% of the company's stock.

About Evotec

Evotec SE is a life sciences company headquartered in Hamburg, Germany, that provides drug discovery and development services to pharmaceutical, biotechnology and academic partners. Founded in 1993, the company supports programs from early-stage research through preclinical and clinical development, with expertise in small-molecule and biologic therapies.

Its activities include target identification and validation, screening, medicinal chemistry, pharmacology, drug manufacturing support and development services.

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