Biotech company Evotec is showing strong performance on the stock market
Evotec shares are showing a strong performance, as the price increased by 5.15% this week. The company is expanding its activities in the field of gene therapy. In this regard, the Hamburg-based company closed a collaboration agreement with the Japanese Takeda Group. Evotec will support several programs focused on the development of compounds in Takeda’s four core therapeutic areas.
Many charts of shares on the Frankfurt Stock Exchange are currently showing new buy signals, including the price of Evotec shares. On April 6th, the share price of the TecDAX-listed biotech company from Hamburg at €21.74/€21.80 was already able to overcome the first important hurdles in a two-part technical obstacle zone.
The share price rose to €22.10 at the beginning of the week and left XETRA trading at €22.07 (+5.15%). Thus the breakout above part 2 of the hurdle remained marginal at €22.02. However, this buy-signal became more stable this morning! Current indications for the Evotec share are trading at €22.53/€22.59.
From a chartist point of view, a stable rise above the core hurdles at €21.80/€22.02 would be an enormously important buy signal for the biotech share. A “V” shaped trend reversal would then be the predominant chart technical formation after the corona crash from €26.77 to €17.17. At €23.59/€23.79, the core zone of the next strong resistance levels would be present in such a bullish scenario. However, the first hurdles would already be expected at €23.12/€23.27 and above.
Meanwhile, the technical hurdles for Evotec’s share price that have been overcome are becoming support levels. Between €21.74/€21.80 and the gap that was torn open yesterday at €21.18/€21.37, the first stronger support for the TecDAX-listed biotech share should be found. Further support will then be only slightly below this level.
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Evotec is betting on gene therapy
Evotec is expanding its activities in the field of gene therapy. Evotec Gene Therapy, a new team of gene therapy experts from Evotec, will be based at a site in Orth an der Donau, Austria, the Hamburg-based biotech company announced on Monday. Evotec’s team of scientists has a lot of knowledge in vectorology and virology, as well as in hematology, muscle diseases, and hemophilia.
At the same time, the North Germans also announced the conclusion of a multi-year collaboration in the field of gene therapy between Evotec Gene Therapy and the Japanese Takeda group.
“As part of the alliance, Evotec will support several programs focused on the development of compounds in Takeda’s four core therapeutic areas: oncology, rare diseases, neurology, and gastroenterology,” reported the TecDAX-listed group. However, Evotec has not presented financial details of the collaboration.
Steven Hitchcock, global head of research at Takeda, said in a statement “We are excited to be broadening and expanding our discovery efforts with the Evotec team. Gene therapy is a growing therapeutic approach in our portfolio and this alliance with Evotec will help us further accelerate our delivery of transformative therapies for patients, particularly those with rare diseases.”
The Hamburg-based company is particularly counting on a new trend in the development of treatment methods: “In recent years, more and more precision medical approaches based on cell and gene therapies have been developed, and this trend is expected to continue in the future. Gene therapy is a promising approach for the development of genetic agents, particularly for hereditary and rare diseases,” said Evotec CEO Werner Lanthaler.
(Featured image by qimono via Pixabay)
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