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

Evotec SE (NASDAQ:EVO)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $4.35, but opened at $4.61. Evotec shares last traded at $4.66, with a volume of 4,974 shares traded.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “buy” rating and issued a $8.00 price objective on shares of Evotec in a research note on Thursday, November 7th.

Evotec Stock Up 7.7 %

The company has a current ratio of 2.09, a quick ratio of 1.99 and a debt-to-equity ratio of 0.43. The firm has a 50-day simple moving average of $4.45 and a two-hundred day simple moving average of $4.03.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Clear Harbor Asset Management LLC acquired a new stake in shares of Evotec in the third quarter worth about $104,000. Mediolanum International Funds Ltd acquired a new stake in shares of Evotec in the 3rd quarter valued at about $512,000. Finally, Wellington Management Group LLP grew its holdings 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 purchasing an additional 602,858 shares during the period. 5.81% of the stock is currently owned by hedge funds and other institutional investors.

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.