Evotec: Evotec shares jump - successful research alliance

(The third paragraph has been corrected to reflect that Deutsche Bank has abandoned its sell recommendation. FRANKFURT (dpa-AFX Broker) - Evotec shares are poised for a technical rebound on Thursday. In early trading, the drug discovery company's share price jumped 7.1 percent on Tradegate after announcing successes in a partnership with pharmaceutical company Bristol-Myers Squibb. The €7.70 paid in Tradegate trading would not only represent a high since the beginning of March on Xetra. For the first time in this period, the share price would also rise above the 200-day line, which is a very popular long-term indicator among investors. Thanks to advances in the field of protein degradation, Evotec stands to gain $75 million from its research alliance with Bristol-Myers Squibb. In addition, Deutsche Bank withdrew its previous sell recommendation for the stock on Thursday. Analyst Fynn Scherzler pointed to the company's new targets, which were presented a week ago. These are forward-looking and appear achievable for 2025. Nevertheless, the current year will remain a transition year, he argued in favor of his now neutral "hold" rating. /tih/zb/mis (The third paragraph has been corrected to reflect that Deutsche Bank has abandoned its sell recommendation. FRANKFURT (dpa-AFX Broker) - Evotec shares are poised for a technical rebound on Thursday. In early trading, the drug discovery company's share price jumped 7.1 percent on Tradegate after announcing successes in a partnership with pharmaceutical company Bristol-Myers Squibb. The €7.70 paid in Tradegate trading would not only represent a high since the beginning of March on Xetra. For the first time in this period, the share price would also rise above the 200-day line, which is a very popular long-term indicator among investors. Thanks to advances in the field of protein degradation, Evotec stands to gain $75 million from its research alliance with Bristol-Myers Squibb. In addition, Deutsche Bank withdrew its previous sell recommendation for the stock on Thursday. Analyst Fynn Scherzler pointed to the company's new targets, which were presented a week ago. These are forward-looking and appear achievable for 2025. Nevertheless, the current year will remain a transition year, he argued in favor of his now neutral "hold" rating. /tih/zb/mis