Evotec (NASDAQ:EVO) Shares Gap Down Following Weak Earnings

Evotec AG (NASDAQ:EVO)’s share price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $2.19, but opened at $2.02. Evotec shares last traded at $1.9950, with a volume of 4,992 shares trading hands.

The company reported ($0.14) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.09). Evotec had a negative return on equity of 24.93% and a negative net margin of 26.20%.The firm had revenue of $161.20 million for the quarter, compared to analyst estimates of $173.87 million.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Berenberg Bank lowered Evotec from a “buy” rating to a “hold” rating in a report on Thursday, July 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Evotec in a research note on Tuesday, July 21st. HC Wainwright dropped their target price on shares of Evotec from $7.00 to $4.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. TD Cowen cut shares of Evotec from a “buy” rating to a “hold” rating and set a $2.00 target price for the company. in a research note on Wednesday, July 15th. Finally, Wall Street Zen downgraded shares of Evotec from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of EVO. Apollon Wealth Management LLC acquired a new stake in Evotec during the 1st quarter valued at $28,000. BNP Paribas Financial Markets increased its stake in shares of Evotec by 62.2% in the second quarter. BNP Paribas Financial Markets now owns 12,000 shares of the company’s stock valued at $50,000 after buying an additional 4,600 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Evotec by 262.5% in the fourth quarter. Bank of America Corp DE now owns 12,828 shares of the company’s stock valued at $53,000 after buying an additional 9,289 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Evotec in the fourth quarter valued at about $40,000. Finally, XTX Topco Ltd bought a new position in shares of Evotec in the second quarter valued at about $66,000. Institutional investors own 5.81% of the company’s stock.

Evotec Stock Performance

The company’s 50-day moving average is $2.41 and its 200-day moving average is $2.82. 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 Company Profile

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.