Evelo Biosciences, Inc. (NASDAQ:EVLO) Sees Significant Drop in Short Interest


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Evelo Biosciences, Inc. (NASDAQ:EVLO) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 2,610,000 shares, a decrease of 17.9% from the March 31st total of 3,180,000 shares. Based on an average daily trading volume, of 0 shares, the short-interest ratio is presently ∞ days.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Asset Management Inc. bought a new position in Evelo Biosciences in the 1st quarter worth about $28,000. Dorsey Wright & Associates bought a new position in Evelo Biosciences in the 1st quarter worth about $34,000. Citigroup Inc. increased its stake in Evelo Biosciences by 275.1% in the 4th quarter. Citigroup Inc. now owns 3,605 shares of the company’s stock worth $44,000 after acquiring an additional 2,644 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Evelo Biosciences by 57.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 7,469 shares of the company’s stock worth $36,000 after acquiring an additional 2,740 shares during the last quarter. Finally, The Manufacturers Life Insurance Company bought a new position in Evelo Biosciences in the 4th quarter worth about $172,000. Institutional investors and hedge funds own 84.57% of the company’s stock.

EVLO traded down $0.22 during trading on Tuesday, reaching $10.35. 271,166 shares of the company were exchanged, compared to its average volume of 262,159. The company’s 50-day moving average is $11.65 and its two-hundred day moving average is $10.55. The company has a market cap of $552.42 million, a price-to-earnings ratio of -4.24 and a beta of 1.46. The company has a quick ratio of 6.24, a current ratio of 6.24 and a debt-to-equity ratio of 0.59. Evelo Biosciences has a 12-month low of $3.55 and a 12-month high of $19.93.

Evelo Biosciences (NASDAQ:EVLO) last issued its quarterly earnings data on Wednesday, April 28th. The company reported ($0.55) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.04). Equities analysts forecast that Evelo Biosciences will post -2.23 earnings per share for the current year.

A number of research analysts have recently commented on EVLO shares. Morgan Stanley dropped their price target on Evelo Biosciences from $14.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Monday. Zacks Investment Research raised Evelo Biosciences from a “sell” rating to a “hold” rating in a research report on Wednesday, March 24th. Jefferies Financial Group raised Evelo Biosciences from a “hold” rating to a “buy” rating and upped their price target for the company from $11.00 to $18.00 in a research report on Monday, April 19th. Chardan Capital upped their price target on Evelo Biosciences from $10.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, March 12th. Finally, JMP Securities upped their price target on Evelo Biosciences from $27.00 to $36.00 and gave the company an “outperform” rating in a research report on Monday, January 25th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $17.50.

About Evelo Biosciences

Evelo Biosciences, Inc, a biotechnology company, discovers and develops oral biologics for the treatment of inflammatory diseases and cancer. It is developing EDP1815, a whole-microbe candidate for the treatment of inflammatory diseases; and is in clinical development trial for the treatment of psoriasis and atopic dermatitis, as well as for the hyperinflammatory response associated with COVID-19.

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