Evotec (NASDAQ:EVO) Shares Gap Up – Here’s What Happened

Evotec AG (NASDAQ:EVO)’s share price gapped up prior to trading on Wednesday. The stock had previously closed at $1.3450, but opened at $1.48. Evotec shares last traded at $1.4550, with a volume of 52,919 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EVO shares. HC Wainwright reaffirmed a “buy” rating and set a $4.00 target price on shares of Evotec in a research note on Wednesday. Berenberg Bank cut Evotec from a “buy” rating to a “hold” rating in a research note on Thursday, July 16th. 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 report on Wednesday, July 15th. Finally, Weiss Ratings lowered Evotec from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 25th. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $3.00.

Evotec Price Performance

The company’s 50-day simple moving average is $1.78 and its 200 day simple moving average is $2.37. The company has a debt-to-equity ratio of 0.62, a current ratio of 2.33 and a quick ratio of 2.21.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EVO. WCM Investment Management LLC grew its holdings in 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 acquiring an additional 67,917 shares in the last quarter. Optiver Holding B.V. increased its position in shares of 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 purchasing an additional 242,973 shares during the last quarter. SmartHarvest Portfolios LLC acquired a new stake in shares of Evotec in the 1st quarter valued at $44,000. Finally, Apollon Wealth Management LLC acquired a new stake in shares of Evotec in the 1st quarter valued at $28,000. Hedge funds and other institutional investors own 5.81% of the company’s stock.

Evotec Company Profile

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.