Evotec (NASDAQ:EVO) Shares Gap Up - Here's What Happened

Key Points

• Evotec shares opened higher, rising from a prior close of $1.80 to $1.88 and last trading at $1.9230.
• Analyst sentiment has weakened, with multiple firms downgrading the stock; the consensus rating is Hold with an average price target of $3.00.
• Several institutional investors increased their positions, but institutional ownership remains relatively low at 5.81% of outstanding shares.

Evotec AG (NASDAQ:EVO - Get Free Report)'s share price gapped up before the market opened on Wednesday . The stock had previously closed at $1.80, but opened at $1.88. Evotec shares last traded at $1.9230, with a volume of 11,906 shares trading hands.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. TD Cowen lowered shares of Evotec from a "buy" rating to a "hold" rating and set a $2.00 target price on the stock. in a research note on Wednesday, July 15th. Berenberg Bank cut Evotec from a "buy" rating to a "hold" rating in a research note on Thursday, July 16th. HC Wainwright lowered their target price on Evotec from $7.00 to $4.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Wall Street Zen cut Evotec from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Weiss Ratings downgraded shares of Evotec from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Tuesday, August 25th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $3.00.

Evotec Stock Performance

The business's 50-day moving average is $2.20 and its two-hundred day moving average is $2.65. 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

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Evotec by 25.7% in the fourth quarter. Wellington Management Group LLP now owns 1,797,444 shares of the company's stock valued at $5,536,000 after acquiring an additional 367,545 shares during the last quarter. WCM Investment Management LLC boosted its holdings 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 during the period. ABC Arbitrage SA raised its position in Evotec by 319.7% during the 4th quarter. ABC Arbitrage SA now owns 554,287 shares of the company's stock valued at $1,707,000 after purchasing an additional 422,230 shares during the last quarter. Optiver Holding B.V. lifted 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 worth $709,000 after buying an additional 242,973 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Evotec in the 4th quarter worth approximately $565,000. Institutional investors own 5.81% of the company's stock.

Evotec Company Profile

Evotec SE NASDAQ: EVO is a global biotechnology company headquartered in Hamburg, Germany, specializing in drug discovery and development partnerships. The company leverages its integrated discovery platforms to support pharmaceutical and biotech clients in advancing novel therapies from target identification through preclinical development.

Evotec's service offering encompasses high-throughput screening, bioanalytics, combinatorial chemistry, structural biology, pharmacology, and computational drug design.

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