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

Evotec SE (NASDAQ:EVO) gapped up before the market opened on Wednesday . The stock had previously closed at $3.27, but opened at $3.53. Evotec shares last traded at $3.50, with a volume of 48,842 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on EVO shares. Morgan Stanley lowered shares of Evotec from an “overweight” rating to an “equal weight” rating and cut their target price for the company from $15.00 to $6.00 in a research note on Monday, July 29th. HC Wainwright reduced their target price on Evotec from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft downgraded Evotec from a “hold” rating to a “sell” rating in a report on Thursday, August 8th. Finally, Jefferies Financial Group cut Evotec from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $8.70 to $3.80 in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.93.

Evotec Price Performance

The company has a quick ratio of 1.73, a current ratio of 1.83 and a debt-to-equity ratio of 0.42. The stock has a 50 day simple moving average of $3.38 and a 200 day simple moving average of $4.48.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC acquired a new position in shares of Evotec during the second quarter valued at $87,000. Clear Harbor Asset Management LLC bought a new stake in Evotec in the 3rd quarter valued at about $104,000. Cetera Advisors LLC bought a new stake in Evotec in the 1st quarter valued at about $188,000. Mediolanum International Funds Ltd acquired a new position in Evotec during the 3rd quarter valued at about $512,000. Finally, DCF Advisers LLC increased its stake in shares of Evotec by 140.5% in the second quarter. DCF Advisers LLC now owns 114,953 shares of the company’s stock valued at $552,000 after purchasing an additional 67,156 shares during the period. 5.81% of the stock is currently owned by institutional investors.

About Evotec

Evotec SE operates as drug discovery and development partner for the pharmaceutical and biotechnology industry worldwide. The company is developing pharmaceutical products in various therapeutic areas, such as autoimmune diseases, cancer, CNS diseases, diabetes, fibrosis, immunology, infectious diseases, kidney diseases, liver diseases, pain and inflammation, rare diseases, respiratory diseases, tuberculosis, and women’s health.