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

Evotec AG (NASDAQ:EVO)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $2.14, but opened at $1.98. Evotec shares last traded at $2.0050, with a volume of 59,166 shares.

Analyst Upgrades and Downgrades

EVO has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Evotec from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Weiss Ratings raised Evotec from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, April 24th. HC Wainwright lowered their price target on Evotec from $7.00 to $4.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, TD Cowen lowered Evotec from a “buy” rating to a “hold” rating and set a $2.00 price target on the stock. in a research report on Wednesday. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $3.00.

Evotec Trading Down 6.1%

The stock’s 50-day moving average is $2.81 and its 200 day moving average is $3.03. The company has a current ratio of 1.68, a quick ratio of 1.60 and a debt-to-equity ratio of 0.43.

Evotec (NASDAQ:EVO) last released its earnings results on Tuesday, March 31st. The company reported $0.05 earnings per share (EPS) for the quarter. Evotec had a negative net margin of 26.20% and a negative return on equity of 24.93%. The company had revenue of $297.02 million during the quarter. On average, equities research analysts predict that Evotec AG will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Evotec

A number of hedge funds have recently modified their holdings of EVO. ABC Arbitrage SA raised its holdings in shares of Evotec by 319.7% during the fourth quarter. ABC Arbitrage SA now owns 554,287 shares of the company’s stock worth $1,707,000 after acquiring an additional 422,230 shares in the last quarter. Wellington Management Group LLP boosted its position in Evotec by 25.7% during the fourth quarter. Wellington Management Group LLP now owns 1,797,444 shares of the company’s stock valued at $5,536,000 after purchasing an additional 367,545 shares during the last quarter. Optiver Holding B.V. grew its stake in Evotec by 598.4% in the first quarter. Optiver Holding B.V. now owns 283,576 shares of the company’s stock valued at $709,000 after purchasing an additional 242,973 shares in the last quarter. Jane Street Group LLC purchased a new position in Evotec in the fourth quarter valued at about $565,000. Finally, Millennium Management LLC acquired a new position in Evotec in the 4th quarter worth about $317,000. 5.81% of the stock is owned by institutional investors and hedge funds.

About Evotec

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.