FRANKFURT (dpa-AFX) - Evotec shares initially reached their technical limits on Thursday. Successes in a partnership with the pharmaceutical company Bristol-Myers Squibb had initially led to a significant rise in the share price. However, after rising by around half in less than three weeks, investors then took profits. Most recently, the MDax-listed share price slipped 2.2 percent. Even a more positive recommendation from Deutsche Bank did nothing to change this.
At its peak on Thursday, the shares were trading at just under €7.60, their highest level since the beginning of March. For the first time in this period, the share price rose above the 200-day line, which is a very popular long-term indicator among investors. However, the joy was short-lived, as the share price recently fell back to well below this line at just over seven euros. In the wake of the tariff-related stock market turmoil on April 7, Evotec shares had fallen to five euros, their lowest level since 2016.
On Thursday, Evotec announced that significant progress had been made in the field of protein degradation in its long-standing collaboration with the pharmaceutical company Bristol-Myers Squibb. Evotec will therefore receive a total of $75 million under the agreement.
For the company, which has embarked on a radical restructuring program following a slump in profits last year, the windfall is likely to come at just the right time. Evotec has been working with Bristol-Myers Squibb since 2018 and expanded the partnership in 2022.
Independently of this news, Deutsche Bank withdrew its previous sell recommendation for Evotec on Thursday. Analyst Fynn Scherzler pointed to the company's new targets, which were presented a week ago. These provided urgently needed guidance and appeared achievable for 2025. Nevertheless, he argued that the current year would remain a transition year, justifying his now neutral "hold" rating. /tih/tav/mis
