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

Shares of Evotec AG (NASDAQ:EVO) gapped up prior to trading on Wednesday . The stock had previously closed at $1.80, but opened at $1.88. Evotec shares last traded at $1.9230, with a volume of 11,906 shares.

Analysts Set New Price Targets

A number of research analysts have issued reports on EVO shares. Berenberg Bank downgraded shares of Evotec from a “buy” rating to a “hold” rating in a research report on Thursday, July 16th. TD Cowen cut shares of Evotec from a “buy” rating to a “hold” rating and set a $2.00 target price for the company. in a research report on Wednesday, July 15th. Wall Street Zen lowered shares of Evotec from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings cut shares of Evotec from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 25th. Finally, HC Wainwright decreased their price target on shares of Evotec from $7.00 to $4.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Evotec presently has an average rating of “Hold” and an average price target of $3.00.

Evotec Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 2.33 and a quick ratio of 2.21. The stock has a 50 day moving average price of $2.20 and a 200 day moving average price of $2.65.

Hedge Funds Weigh In On Evotec

Several institutional investors and hedge funds have recently added to or reduced their stakes in EVO. Optiver Holding B.V. grew 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 worth $709,000 after buying an additional 242,973 shares during the period. WCM Investment Management LLC lifted its position 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. Apollon Wealth Management LLC purchased a new stake in Evotec in the first quarter worth about $28,000. SmartHarvest Portfolios LLC bought a new position in shares of Evotec during the first quarter valued at approximately $44,000. Finally, XTX Topco Ltd increased its stake in shares of Evotec by 25.1% during the fourth quarter. XTX Topco Ltd now owns 18,469 shares of the company’s stock valued at $57,000 after purchasing an additional 3,709 shares in the last quarter. Hedge funds and other institutional investors own 5.81% of the company’s stock.

Evotec Company Profile

Evotec SE (NASDAQ:EVO) is a global biotechnology company headquartered in Hamburg, Germany, specializing in drug discovery and development partnerships. The company leverages its integrated discovery platforms to support pharmaceutical and biotech clients in advancing novel therapies from target identification through preclinical development.

Evotec’s service offering encompasses high-throughput screening, bioanalytics, combinatorial chemistry, structural biology, pharmacology, and computational drug design.