Evotec and BioGaia Boost Biotech, while Vitrolife Disappoints

Evotec (+9%) jumps sharply at the start of the session following Berenberg’s turnaround. The bank initiates coverage of the stock with a buy recommendation, with a target price set at €10, highlighting Evotec’s key positioning in the outsourcing of pharmaceutical research and development. A more favorable valuation reading and the potential for demand normalization triggers an influx of buyers.

BioGaia (+9%) rises at the start of the session following a favorable profit warning. The company announces quarterly sales growth of 21% to SEK 441 million and operating profit growth of 17% to SEK 121 million, exceeding market expectations. This improvement over forecasts, supported in particular by an order intake of approximately SEK 35 million, fuels a strong resurgence of interest ahead of the full release on February 12.

Plus500 (+7%) accelerates sharply after the forecasts are released to the US market. The fintech broker launches event-driven contracts for retail clients via the Plus500 Futures platform, in partnership with the regulated Kalshi Exchange. This foray into a rapidly growing segment, which accounted for$ 47 billion in global volumes in 2025, expands the company’s scope of operations and strengthens its exposure to the US market.

Pharming Group (+7%) rose again after the publication of its 2026 outlook. The rare disease specialist is targeting revenue of between $405 million and $425 million next year, with operating expenses between $330 million and $335 million. These targets, presented during the Investor Day, improve visibility on the stock and support the rebound.

Inwido (+5%) rose sharply after a stronger-than-expected fourth quarter. The window and door specialist surpassed estimates for sales (2,440 million SEK vs. 2,337 million expected) and operating profit (262 million SEK vs. 242 million), despite a declining order book. Furthermore, the company confirmed an unchanged dividend of SEK 5.50, a sign of confidence that supports the stock.

Amundi (+4%) regained momentum after a solid report. The asset manager reported assets under management of €2.38 trillion at the end of 2025 (+6%) and net inflows of €20.9 billion in the fourth quarter, exceeding expectations. Adjusted net revenues grew 8.2% in the fourth quarter, and the company announced a dividend of €4.25 and a share buyback of €500 million: signals welcomed by the market, despite a slight decline in annual revenue.

Julius Baer (+3%) gained ground after RBC raised its target price from CHF 67.50 to CHF 70. The brokerage appreciated the outperformance of its gross margin in 2025, despite rising costs, and consequently raised its earnings estimates for 2026-2028. Margin momentum is rekindling interest in the private bank, although its valuation remains sensitive to Asian markets and currency effects.

While Evotec and BioGaia Shares Jumped, Others fell

Vitrolife (-10%) suffered a sharp correction after a report penalized its profitability. While fourth-quarter revenue came in at SEK 891 million, close to expectations, earnings before interest, taxes, depreciation, and amortization fell to SEK 196 million versus the expected SEK 276 million, and the margin contracted to 22%. The significant goodwill impairment of SEK 5.4 billion, which brought net profit to SEK 5.3 billion, overshadowed the confirmation of the dividend of SEK 1.10 per share and significantly weighed on the stock.

Demant (-10%) collapsed after a report marked by margin erosion. Despite 2025 revenue rising to DKK 22.97 billion, earnings before interest, taxes, depreciation, and amortization fell to DKK 5.35 billion and the operating margin fell to 16.7%. The 2026 outlook, which includes restructuring costs and does not include share buybacks, weighed on the stock.

Publicis (-6%) slowed despite robust business. The company confirms organic growth of 4-5% in 2026 and an operating margin slightly above 18.2%, but a slight decline in net profit to €1.65 billion and the €900 million investment in artificial intelligence are triggering sell-offs.

Akzo Nobel (-5%) declines sharply after its 2026 outlook was deemed too conservative. While adjusted earnings before interest, taxes, depreciation, and amortization for the fourth quarter stood at €309 million and the company targets at least €1.47 billion in 2026 with a margin above 16%, the slight downward revision to its targets and the lack of the expected recovery in end markets are dampening the market, despite solid cash generation.

Siltronic (-4%) declines despite a better-than-expected fourth quarter. The company posted earnings before interest, taxes, depreciation, and amortization of €86 million and revenue of €372 million, above consensus. However, the market is focused on the cautious message for 2026, which is still described as “challenging,” with demand for the 200mm tranches still fragile and visibility limited despite artificial intelligence.

Pandora (-4%) gave back some of its gains after the previous day’s euphoria. Jefferies lowered the stock, lowering its recommendation to hold, to buy, with a target price of DKK 530, encouraging rapid profit-taking on the jeweler.

Schaeffler (-3%) slows after UBS’s change in its position. The brokerage lowers its recommendation to sell from neutral, despite raising its target price from €6.20 to €8.30: a signal deemed contradictory, but sufficient to weigh on the stock in the short term__

(Featured image by Ozkan Guner via Unsplash)

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