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

Evotec AG (NASDAQ:EVO)’s stock price gapped up before the market opened 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.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on EVO shares. HC Wainwright reissued a “buy” rating and issued a $4.00 price objective on shares of Evotec in a report on Wednesday. Berenberg Bank cut Evotec from a “buy” rating to a “hold” rating in a research note on Thursday, July 16th. TD Cowen cut shares of Evotec from a “buy” rating to a “hold” rating and set a $2.00 price objective on the stock. in a research note on Wednesday, July 15th. Finally, Weiss Ratings lowered shares of Evotec from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 25th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $3.00.

Evotec Trading Up 7.4%

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

Hedge Funds Weigh In On Evotec

Several hedge funds and other institutional investors have recently bought and sold shares of EVO. Optiver Holding B.V. boosted its position in 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. WCM Investment Management LLC grew its holdings in Evotec by 12.1% in the first quarter. WCM Investment Management LLC now owns 627,260 shares of the company’s stock valued at $1,480,000 after purchasing an additional 67,917 shares during the last quarter. Apollon Wealth Management LLC acquired a new position in shares of Evotec during the 1st quarter worth $28,000. Finally, SmartHarvest Portfolios LLC purchased a new stake in shares of Evotec in the 1st quarter worth about $44,000. 5.81% of the stock is owned by institutional investors and hedge funds.

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.