JMP Securities reiterates Evelo Biosciences Inc. [EVLO] rating to Outperform and sets new price target at $27

JMP Securities maintained its Evelo Biosciences Inc. [NASDAQ:EVLO]‎ rating to the equivalent of ‎Outperform but changed the price target ‎to $27, in a research note dated December 30, 2020. That ‎figure represents around a 139.57% ‎premium ‎from where the company’s shares closed on Tuesday. ‎Some ‎new analysts also started their coverage, with JMP Securities’s analysts assigning the shares to ‎‎”a Mkt ‎outperform” rating in a research note to investors issued in late December. Meanwhile, ‎Morgan ‎Stanley had lowered its rating on EVLO to “an Equal-weight” from the earlier “an Overweight”, ‎in a ‎research note produced for clients May 21, 2020. In addition, there was a downgrade from ‎Jefferies on ‎May 12, 2020. The rater changed EVLO from “a Buy” to “a Hold”.

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Is Evelo Biosciences Inc. [NASDAQ:EVLO] a Good Buy Right Now?

It should be noted ‎that ‎EVLO technical indicators for short, intermediate as well as long term progress have placed an ‎overall ‎average of 100% as Buy. The average signal changed from 100% Buy in the last week and ‎compares ‎with 64% Buy in the past month. Data from Evelo Biosciences Inc.’s Trend Spotter indicated ‎that the ‎signals were Weakest. The stock current average is 0.71 million shares in the past 20 days and ‎the short ‎term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was ‎‎0.36 ‎million shares while the medium term average advocated for 100% Buy. The average long-term ‎signal ‎stands at 100% Buy and the 100-day average volume stands at 0.26 million shares.‎‎

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EVLO Price Performance

On Wall Street, Evelo Biosciences Inc. [NASDAQ:EVLO] ‎finished ‎Tuesday’s session down -8.22% at $11.27. The stock went up to $12.49 at the same session ‎while its ‎lowest single day price was $10.9701. In the last five days, it saw a rise of about 1.99%, ‎Evelo ‎Biosciences Inc. shares gained by almost 177.59% since the beginning of the year. However, the ‎share ‎price has dropped to as low as -9.84% below its one year high. On 12/28/20, the company ‎shares ‎recorded $12.50, the highest single-day price it has got to in the last 52-weeks and a 52-week ‎low was ‎seen on 03/16/20, the same year at $3.01. The company’s shares have inclined by 167.70% in ‎the past ‎year. The 50-day SMA achieved is $6.17 while the 200-day SMA is $4.91. Volume dropped to ‎‎0.26 ‎million from 0.69 million in the previous session.‎‎

EVLO Stock Support And Resistance Levels

On the 24-hour scale, the immediate backing ‎is ‎perceived around 10.66 level, and in case of violation of this particular level, it will cause more drop ‎to ‎‎10.06 level. On the upper level, 13.10 is still the key resistance. The stock may increase to ‎the ‎subsequent resistance at 12.18. The Relative Strength Index (RSI) pinned on the 14-day chart is ‎‎66.95, ‎implying a neutral technical stance while the MACD stands at 1.56, meaning price will increase in ‎the ‎next trading period. Percent R indicator moved to 17.08%, implying bullish price movement. ‎Stochastic ‎‎%K at 87.49% suggest selling the stock.‎‎

What is the short interest in Evelo Biosciences Inc.?

Short interest in the Evelo ‎Biosciences ‎Inc. stock has surged, increasing by 80000.0 shares to total 2.0 million shares on Dec 14, ‎‎2020. The ‎interest had seen shares on Nov 12, 2020 stand at 2.08 million, data from Yahoo Finance ‎shows. The ‎decrease of -4.0% suggests the stock saw some decreased bullish sentiment. The stock’s ‎days to cover ‎‎(short ratio) moved to while the shorted shares account for just 8.16% of the overall ‎float for the ‎stock.‎

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Evelo Biosciences Inc.’s Biggest Shareholders: Who Owns Evelo Biosciences ‎Inc. ‎‎[EVLO]?

Filings by Fidelity Management & Research Co showed that the firm now holds a ‎total of ‎‎5,000,985 shares or roughly 10.83% of the outstanding EVLO shares. This means their shares ‎have ‎increased by 449,766 from the 5,000,985 the investor reportedly held in its prior 13-F filing. With ‎the ‎conclusion of the purchase, Credit Suisse Securities updated stake is worth $12,873,145. Details in ‎the ‎latest 13F filings reveal that Credit Suisse Asset Management acquired their 35.03% stake valued ‎at ‎‎$8,245,998. During the last quarter, Credit Suisse Asset ‎Management raised 417,007 of its shares in ‎Evelo Biosciences Inc. while DNCA Finance SA bought ‎‎1,300,000 shares. The BVF Partners LP’s holdings ‎currently number 1,300,000 shares at $14651000.0. ‎According to the firm’s last 13F report, The ‎Vanguard Group, Inc. shares in the company at filing stood ‎at 848,050 shares, roughly $4,350,497.‎

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