Evotec (NASDAQ:EVO) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Evotec shares traded 43% above the prior session’s volume, with 143,696 shares changing hands; the stock closed at $1.56 and last traded at $1.5810.
• Analyst sentiment weakened, with TD Cowen and Berenberg downgrading the stock to Hold and Weiss Ratings maintaining a Sell assessment. The consensus rating is Hold, with a $3.00 price target.
• Institutional ownership stands at 5.81%, while several investors increased or initiated positions in Evotec during recent quarters, including Optiver Holding, WCM Investment Management, and Fore Capital.

Evotec AG (NASDAQ:EVO - Get Free Report) shares saw strong trading volume on Monday. 143,696 shares were traded during trading, an increase of 43% from the previous session's volume of 100,289 shares. The stock last traded at $1.5810 and had previously closed at $1.56.

Analyst Upgrades and Downgrades

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

Evotec Price Performance

The stock's fifty day simple moving average is $1.87 and its 200-day simple moving average is $2.44. 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 Inflows and Outflows

A number of large investors have recently made changes to their positions in EVO. Optiver Holding B.V. raised its holdings in Evotec by 598.4% in the 1st quarter. Optiver Holding B.V. now owns 283,576 shares of the company's stock valued at $709,000 after acquiring an additional 242,973 shares in the last quarter. WCM Investment Management LLC grew its holdings in shares of Evotec by 12.1% during the 1st 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. Apollon Wealth Management LLC bought a new stake in shares of Evotec during the first quarter valued at approximately $28,000. SmartHarvest Portfolios LLC bought a new stake in shares of Evotec during the first quarter valued at approximately $44,000. Finally, Fore Capital LLC acquired a new position in shares of Evotec in the fourth quarter valued at $97,000. Institutional investors and hedge funds own 5.81% of the company's stock.

Evotec Company Profile

Evotec SE is a Germany-based biotechnology company that provides drug discovery and development services to pharmaceutical, biotechnology and academic organizations. The company works across the research process, from early-stage target identification and assay development through hit identification, lead optimization, preclinical research and translational development.

Evotec uses technology platforms and scientific expertise in areas including small-molecule drug discovery, biologics, protein degradation, cell and gene therapy, and precision medicine.

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