Evotec AG (NASDAQ:EVO) experienced a significant increase in trading activity on Wednesday, with a total of 166,508 shares exchanged. This marks a notable rise of 95% compared to the previous session’s volume of 85,588 shares. The stock was last priced at $3.32, up from a closing price of $3.23 on the prior day.
Analysts Update Ratings and Price Targets
Recent assessments from various financial analysts have brought renewed focus on Evotec. On September 3, 2023, the Royal Bank of Canada reaffirmed an “outperform” rating for the shares, indicating confidence in the company’s potential. Conversely, Weiss Ratings has maintained a “sell (d-)” rating in a report released on Monday. Meanwhile, HC Wainwright revised their target price for Evotec, lowering it from $8.00 to $7.00, while still assigning a “buy” rating for the company in a note dated August 14, 2023.
Currently, two analysts categorize the stock as a Buy, one has assigned a Hold rating, and another has issued a Sell rating. According to data from MarketBeat.com, the consensus rating for Evotec shares stands at “Hold” with an average price target of $7.00.
Institutional Investors Adjust Holdings
Institutional investment activity has also played a role in shaping Evotec’s stock performance. During the first quarter, DCF Advisers LLC significantly increased its holdings by 227.0%, now owning 751,579 shares valued at approximately $2.51 million after acquiring an additional 521,708 shares. Other notable investments include Valeo Financial Advisors LLC, which entered a new position valued at around $43,000, and WCM Investment Management LLC, which invested approximately $1.24 million in the second quarter.
Additionally, ABC Arbitrage SA and UMB Bank n.a. also acquired new stakes in Evotec, valued at $260,000 and $56,000, respectively. Currently, institutional investors hold approximately 5.81% of the company’s stock.
Evotec SE operates as a partner in drug discovery and development for the global pharmaceutical and biotechnology sectors. The company focuses on various therapeutic areas, including autoimmune diseases, cancer, central nervous system diseases, diabetes, and more.
For continual updates on Evotec’s performance and market analysis, interested individuals can subscribe to receive a daily summary of news and ratings through MarketBeat.com’s newsletter.
