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 Evotecs 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.
Discover the worlds most interesting financial news with the mobile app Born2Invest. The app provides its readers access to the latest news in global business, stock market, finance news, and also trending topics like bitcoin, cryptocurrency, and biotech.
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. Evotecs 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 Takedas 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)
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words believe, project, estimate, become, plan, will, and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in 4investors, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Read more from the original source:
Biotech company Evotec is showing strong performance on the stock market - Born2Invest
Recommendation and review posted by G. Smith
