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

Evotec SE (NASDAQ:EVO) gapped down before the market opened on Wednesday . The stock had previously closed at $4.78, but opened at $4.59. Evotec shares last traded at $4.57, with a volume of 22,157 shares changing hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on EVO shares. Jefferies Financial Group lowered shares of Evotec from a “buy” rating to a “hold” rating and cut their price objective for the company from $8.70 to $3.80 in a report on Monday, October 7th. HC Wainwright reissued a “buy” rating and issued a $8.00 price target on shares of Evotec in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $5.93.

Evotec Trading Down 5.2 %

The stock’s 50 day moving average price is $4.25 and its two-hundred day moving average price is $4.14. The company has a quick ratio of 1.99, a current ratio of 2.09 and a debt-to-equity ratio of 0.43.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in Evotec by 29.7% during the third quarter. Wellington Management Group LLP now owns 2,634,434 shares of the company’s stock worth $9,616,000 after acquiring an additional 602,858 shares during the last quarter. Novo Holdings A S acquired a new position in Evotec during the second quarter worth $71,183,000. Vanguard Personalized Indexing Management LLC purchased a new stake in Evotec in the 2nd quarter valued at $87,000. DCF Advisers LLC increased its position in Evotec by 140.5% during the second quarter. DCF Advisers LLC now owns 114,953 shares of the company’s stock worth $552,000 after purchasing an additional 67,156 shares during the last quarter. Finally, Mediolanum International Funds Ltd acquired a new position in Evotec in the 3rd quarter valued at about $512,000. Hedge funds and other institutional investors own 5.81% of the company’s stock.

Evotec Company Profile

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.