Evelo Biosciences (NASDAQ:EVLO) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Evelo Biosciences (NASDAQ:EVLO) from a hold rating to a buy rating in a research report released on Wednesday, Zacks.com reports. They currently have $8.50 price target on the stock.

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. “

EVLO has been the subject of several other reports. Jefferies Financial Group dropped their price objective on shares of CommVault Systems to $65.00 and set a buy rating for the company in a research note on Tuesday, April 30th. They noted that the move was a valuation call. Chardan Capital reaffirmed a buy rating and set a $15.00 price objective on shares of Seres Therapeutics in a research note on Thursday, May 2nd. Finally, Cowen reissued 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 issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus price target of $18.30.

NASDAQ EVLO opened at $7.86 on Wednesday. The company has a quick ratio of 11.88, a current ratio of 11.88 and a debt-to-equity ratio of 0.09. The stock’s fifty day moving average price is $7.92. Evelo Biosciences has a 52 week low of $6.32 and a 52 week high of $15.89.

Evelo Biosciences (NASDAQ:EVLO) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.09). Analysts predict that Evelo Biosciences will post -2.36 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the company. Legal & General Group Plc boosted its stake in shares of Evelo Biosciences by 169.8% during the fourth quarter. Legal & General Group Plc now owns 2,142 shares of the company’s stock valued at $28,000 after purchasing an additional 1,348 shares during the period. Larson Financial Group LLC boosted its stake in shares of Evelo Biosciences by 29.5% during the first quarter. Larson Financial Group LLC now owns 7,268 shares of the company’s stock valued at $58,000 after purchasing an additional 1,655 shares during the period. Jane Street Group LLC boosted its stake in shares of Evelo Biosciences by 12.3% during the fourth quarter. Jane Street Group LLC now owns 19,785 shares of the company’s stock valued at $257,000 after purchasing an additional 2,174 shares during the period. Citigroup Inc. boosted its stake in shares of Evelo Biosciences by 164.8% during the fourth quarter. Citigroup Inc. now owns 3,900 shares of the company’s stock valued at $51,000 after purchasing an additional 2,427 shares during the period. Finally, American International Group Inc. boosted its stake 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 purchasing an additional 5,520 shares during the period. 85.90% of the stock is owned by hedge funds and other institutional investors.

Evelo Biosciences Company Profile

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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