Evelo Biosciences (NASDAQ:EVLO) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Evelo Biosciences (NASDAQ:EVLO) from a hold rating to a buy rating in a report published on Wednesday morning, Zacks.com reports. They currently have $8.50 price target on the stock.
According to Zacks, “Evelo Biosciences, Inc. operates as a bio-technology company. It develops therapies for the treatment of the gut-body network. The company also offers treatment for cancer and inflammatory diseases. Its product portfolio consists of EDP1066 which are in clinical stage. Evelo Biosciences is based in Massachusetts, United States. “
A number of other equities analysts have also recently weighed in on the company. Chardan Capital reissued a buy rating and issued a $15.00 price target on shares of Seres Therapeutics in a report on Thursday, May 2nd. Jefferies Financial Group cut their price target on CommVault Systems to $65.00 and set a buy rating for the company in a report on Tuesday, April 30th. They noted that the move was a valuation call. Finally, Cowen reiterated a hold rating on shares of PTC Therapeutics in a research note on Thursday, May 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $18.30.
Evelo Biosciences (NASDAQ:EVLO) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.64) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.55) by ($0.09). As a group, research analysts predict that Evelo Biosciences will post -2.36 earnings per share for the current fiscal year.
A number of institutional investors have recently added to or reduced their stakes in EVLO. BlackRock Inc. raised its stake in Evelo Biosciences by 157.5% during the 4th quarter. BlackRock Inc. now owns 670,944 shares of the company’s stock worth $8,729,000 after acquiring an additional 410,407 shares during the period. Bank of New York Mellon Corp raised its stake in Evelo Biosciences by 147.4% during the 4th quarter. Bank of New York Mellon Corp now owns 36,883 shares of the company’s stock worth $480,000 after acquiring an additional 21,974 shares during the period. Citigroup Inc. raised its stake in Evelo Biosciences by 164.8% during the 4th quarter. Citigroup Inc. now owns 3,900 shares of the company’s stock worth $51,000 after acquiring an additional 2,427 shares during the period. Northern Trust Corp raised its position in shares of Evelo Biosciences by 119.7% during the fourth quarter. Northern Trust Corp now owns 128,155 shares of the company’s stock valued at $1,667,000 after buying an additional 69,825 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Evelo Biosciences by 74.8% during the fourth quarter. Geode Capital Management LLC now owns 90,197 shares of the company’s stock valued at $1,173,000 after buying an additional 38,596 shares during the last quarter. Hedge funds and other institutional investors own 85.90% of the company’s stock.
About Evelo Biosciences
Evelo Biosciences, Inc, a biotechnology company, focuses on the development of monocolonal microbials for the treatment of inflammatory diseases and cancer. It is involved in developing EDP1066 and EDP1815, which are in Phase 1b placebo-controlled dose-escalating safety and tolerability clinical study for the treatment of atopic dermatitis, asthma, psoriatic arthritis, rheumatoid arthritis, and inflammatory bowel diseases.
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