Berenberg Holds Fire on Evotec as Shareholders Wait for Proof
Published on 09/26/2026 at 15:20 | Editorial boerse-global.de
Berenberg has opted to sit on its hands. Following a direct conversation with Evotec CEO Christian Wojczewski, the private bank left its rating on the Hamburg-based drug developer at "Hold" yesterday, with the price target unchanged at EUR 3.60. The stock closed Friday's session at EUR 2.79.
The decision to keep both the recommendation and the target where they were says plenty. While EUR 3.60 implies meaningful upside from the current level, Berenberg stopped well short of issuing a buy signal. The exchange with Wojczewski, which centered on the company's strategic direction, produced no upgrade to existing expectations.
That restraint mirrors the mood across the wider market. Investors are holding out for hard evidence that Evotec's restructuring measures are taking hold and that operating profitability is stabilizing on a lasting basis. Any re-rating of the business remains tied to proof that the trough has been passed.
Management Makes Its Case
Evotec's leadership used the Morgan Stanley 24th Annual Global Healthcare Conference in mid-September to present its business model more clearly to investors. Management reported revenue growth compared with the prior year and pointed to rising customer confidence, reflected in longer-term commitments. No full set of new financial figures was released at the healthcare gathering, however.
Should investors sell immediately? Or is it worth buying Evotec?
The messaging was aimed squarely at shoring up investor confidence after a stretch of difficult conditions for drug discovery firms. Management is visibly working to deepen dialogue with institutional partners and to improve visibility into future business performance. Yet media reports noted that signs of continued weak operating development accompanied the management's appearance, leaving the push to sharpen the company's profile at odds with the challenges still facing the business.
CFO Points to Progress on Costs
Roughly a week ago, finance chief Claire Hinshelwood offered her own read on the group's trajectory. Speaking at an investor conference, she said business indicators were moving "in the right direction" and confirmed that the company-wide savings program, dubbed "Horizon," is fully on schedule. She also described the pipeline of new business deals as robust, though she declined to disclose concrete new financial targets.
On the operational front, Evotec is pushing ahead with specific development work. Subsidiary Just – Evotec Biologics has launched a Phase 1 clinical trial for an antibody program targeting orthopoxviruses. The study is being conducted on behalf of the US Department of Defense, underscoring the group's role in biotech contract development.
Share Count Adjusts After Rights Issue
Alongside the operational news, Evotec's shareholder base has seen a technical adjustment. Following the issuance of new subscription shares about a week ago, the total number of voting rights stands at 177,909,968, according to a mandatory disclosure. The change to the total voting rights figure took effect on September 9.
The stock, meanwhile, remains under noticeable pressure. Since the start of the year, Evotec shares have shed 49 percent of their value, leaving the paper stuck at a depressed level while management works to restore operational stability. Whether the latest signals from the executive suite will be enough to support a bottoming-out over the medium term depends heavily on the operating decisions still to come.
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