Zacks Investment Research Upgrades Evelo Biosciences (NASDAQ:EVLO) to “Buy”

Evelo Biosciences (NASDAQ:EVLO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday, Zacks.com reports. The firm presently has a $8.50 price objective on the stock. Zacks Investment Research‘s target price would indicate a potential downside of 1.39% from the company’s current price.

According to Zacks, “Evelo Biosciences, Inc. operates as a bio-technology company. It develops therapies for the treatment of the gut-body network. The company also offers treatment for cancer and inflammatory diseases. Its product portfolio consists of EDP1066 which are in clinical stage. Evelo Biosciences is based in Massachusetts, United States. “

Other equities research analysts have also recently issued research reports about the stock. Jefferies Financial Group decreased their target price on shares of CommVault Systems to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. They noted that the move was a valuation call. Chardan Capital restated a “buy” rating and set a $15.00 target price on shares of Seres Therapeutics in a research note on Thursday, May 2nd. Finally, Cowen restated a “hold” rating on shares of PTC Therapeutics in a research note on Thursday, May 2nd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $18.30.



Shares of NASDAQ:EVLO traded up $0.97 during trading on Wednesday, hitting $8.62. The company’s stock had a trading volume of 38,792 shares, compared to its average volume of 41,266. The company has a 50-day simple moving average of $7.89. Evelo Biosciences has a 12 month low of $6.32 and a 12 month high of $15.89. The company has a current ratio of 11.88, a quick ratio of 11.88 and a debt-to-equity ratio of 0.09. The firm has a market cap of $244.17 million, a price-to-earnings ratio of -3.10 and a beta of -0.23.

Evelo Biosciences (NASDAQ:EVLO) last released its earnings results on Thursday, May 2nd. The company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.09). On average, equities research analysts forecast that Evelo Biosciences will post -2.42 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc raised its stake in Evelo Biosciences by 169.8% during the 4th quarter. Legal & General Group Plc now owns 2,142 shares of the company’s stock worth $28,000 after acquiring an additional 1,348 shares during the period. Larson Financial Group LLC raised its stake in Evelo Biosciences by 29.5% during the 1st quarter. Larson Financial Group LLC now owns 7,268 shares of the company’s stock worth $58,000 after acquiring an additional 1,655 shares during the period. Jane Street Group LLC raised its stake in Evelo Biosciences by 12.3% during the 4th quarter. Jane Street Group LLC now owns 19,785 shares of the company’s stock worth $257,000 after acquiring an additional 2,174 shares during the period. Citigroup Inc. raised its stake in Evelo Biosciences by 164.8% during the 4th quarter. Citigroup Inc. now owns 3,900 shares of the company’s stock worth $51,000 after acquiring an additional 2,427 shares during the period. Finally, American International Group Inc. raised its position in shares of Evelo Biosciences by 155.2% during the fourth quarter. American International Group Inc. now owns 9,077 shares of the company’s stock valued at $118,000 after buying an additional 5,520 shares during the last quarter. Institutional investors own 85.90% of the company’s stock.

About Evelo Biosciences

Evelo Biosciences, Inc, a biotechnology company, focuses on the development of monocolonal microbials for the treatment of inflammatory diseases and cancer. It is involved in developing EDP1066 and EDP1815, which are in Phase 1b placebo-controlled dose-escalating safety and tolerability clinical study for the treatment of atopic dermatitis, asthma, psoriatic arthritis, rheumatoid arthritis, and inflammatory bowel diseases.

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