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

Key Points

• Evotec shares opened higher, rising from a prior close of $1.67 to $1.74 before trading around $1.725, up approximately 2.9%.
• Analyst sentiment weakened: Berenberg and TD Cowen downgraded the stock to “Hold,” while HC Wainwright cut its price target to $4.00. The consensus rating is “Hold,” with an average target of $3.00.
• Institutional ownership remains limited at 5.81%, although several funds initiated positions and Optiver Holding significantly increased its stake.

Evotec AG (NASDAQ:EVO - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $1.67, but opened at $1.74. Evotec shares last traded at $1.7250, with a volume of 5,865 shares.

Analysts Set New Price Targets

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

Evotec Trading Up 2.9%

The company has a debt-to-equity ratio of 0.62, a quick ratio of 2.21 and a current ratio of 2.33. The company's 50-day moving average is $1.95 and its 200 day moving average is $2.51.

Institutional Investors Weigh In On Evotec

Several institutional investors and hedge funds have recently made changes to their positions in EVO. Apollon Wealth Management LLC bought a new stake in Evotec in the 1st quarter worth about $28,000. SmartHarvest Portfolios LLC purchased a new position in Evotec in the 1st quarter worth about $44,000. Fore Capital LLC purchased a new position in Evotec in the 4th quarter worth about $97,000. WCM Investment Management LLC lifted its stake in Evotec by 12.1% during the 1st quarter. WCM Investment Management LLC now owns 627,260 shares of the company's stock valued at $1,480,000 after acquiring an additional 67,917 shares during the period. Finally, Optiver Holding B.V. boosted its holdings in shares of Evotec by 598.4% during 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 during the last quarter. Institutional investors 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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