EARN25

This Stock Could Double After Earnings, Analysts Say

Jefferies started EVLO stock with a "buy" rating and $18 price target

Apr 30, 2019 at 10:12 AM
facebook X logo linkedin


Evelo Biosciences Inc (NASDAQ:EVLO) will report quarterly earnings on Thursday, May 2. Ahead of the event, analysts at Jefferies initiated coverage of the biotech stock with a "buy" rating and $18 price target -- more than double EVLO's closing price of $8.44 yesterday. Due to Evelo's "strong platform and promising data to date," the brokerage firm named Evelo stock its top pick for microbiome-based therapies.

As a result, EVLO shares are up 0.3% at $8.45 today. The stock has rebounded off its March low of $6.73, but has subsequently struggled to conquer its 40-day moving average. However, the $8 level -- which represents half of EVLO's May 2018 initial public offering (IPO) price of $16 -- has emerged as support in recent weeks. A move to the $18 level would mark a record high for the biotech.

Despite its recent struggles on the charts, most analysts are already in the bulls' corner. EVLO sports four "buy" ratings and only one "hold" endorsement, with not a "sell" rating in sight. Plus, the consensus 12-month price target of $22 represents expected upside of roughly 160% from the equity's current perch.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!