Evotec Launches Strategic Review with Morgan Stanley and Moelis as Activist Investor Circles
31.05.2026 - 17:03:14 | boerse-global.de
Evotec has hired Morgan Stanley and Moelis & Company to conduct a sweeping evaluation of its corporate options, signalling that the German biotech is contemplating changes that go well beyond the cost-cutting programme already under way. The mandate covers portfolio structure, capital allocation and ownership arrangements, though no timeline has been set for conclusions. The stock ended the week at €5.25, up 3.04% on Friday, and has gained 4.47% since the start of the month.
The appointment of external advisers has fuelled speculation about more radical moves — partnerships, asset sales or even a split — as the company prepares for its annual general meeting on 11 June. That gathering is shaping up to be a pivotal event, with activist fund MAK Capital, which holds roughly 7% of Evotec, pushing for a separate listing of its US subsidiary Just – Evotec Biologics. The board will also see changes: Dieter Weinand is set to take the chair, and the supervisory board will expand from six to seven members. A new performance share plan is on the agenda, with a request for awards covering up to 10 million shares — equivalent to around 5.6% of the current share capital of roughly 178 million shares.
The strategic review comes against a backdrop of heavy restructuring costs. Evotec outlined a €75 million provision in the first quarter of 2026 related to its “Project Horizon” turnaround, which involves cutting approximately 800 jobs and shutting four sites globally. The first European headcount reductions are due from the third quarter. First-quarter revenue fell 21.7% to €156.6 million, partly owing to a one-off Sandoz licence payment in the prior-year period and weak demand for early-stage drug discovery services. The operating loss swelled to €121.4 million. Despite that, management has stood by its full-year guidance: revenue of €700–780 million and adjusted EBITDA between zero and €40 million.
Should investors sell immediately? Or is it worth buying Evotec?
On the pipeline front, Bristol Myers Squibb has started a Phase 1 trial for BMS-986506, a Cereblon E3 ligase modulator targeting clear cell renal cell carcinoma. The collaboration is part of Evotec’s more than 100 proprietary R&D assets, and clinical milestones from such partnerships could provide much-needed cash injections.
Analysts see the stock trading well below its fundamental value, with consensus price targets ranging from €4 to €10. However, negative sentiment persists. Short positions from AHL Partners and Arrowstreet Capital continue to weigh on the shares, and 30-day volatility stands at 47.63%. The stock remains 30% below its 52-week high of €7.54, hit in June 2025, and has lost 5.25% since the start of 2026. It also sits about 7% below its 200-day moving average.
A brighter technical signal is the expected MDAX return in June, which should broaden institutional demand and improve visibility among ETF investors. Evotec will publish its half-year report in August, by which time the market will expect clearer evidence that Horizon is translating into operational improvement and that the full-year targets remain achievable.
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