Stock traders are buying a high volume of put options on Evelo Biosciences (NASDAQ:EVLO)

Evelo Biosciences, Inc. (NASDAQ:EVLO) was the target of unusually large options trades on Wednesday. Traders bought 1,885 put options on the company. This represents an increase of approximately 1,101% over the average daily volume of 157 puts.

Several institutional investors have recently increased or reduced their stake in the stock. Bank of America Corp DE increased its position in shares of Evelo Biosciences by 392.9% during the fourth quarter. Bank of America Corp DE now owns 34,288 shares of the company valued at $208,000 after buying an additional 27,331 shares in the last quarter. ProShare Advisors LLC bought a new position in Evelo Biosciences in the fourth quarter worth approximately $86,000. Northern Trust Corp increased its position in Evelo Biosciences by 0.8% in the fourth quarter. Northern Trust Corp now owns 300,436 shares of the company worth $1,824,000 after buying 2,300 more shares in the last quarter. The New York State Common Retirement Fund increased its position in Evelo Biosciences by 57.8% in the fourth quarter. The New York State Common Retirement Fund now owns 15,765 shares of the company worth $96,000 after buying 5,777 additional shares in the last quarter. Finally, Belvedere Trading LLC increased its position in Evelo Biosciences by 75.1% in the fourth quarter. Belvedere Trading LLC now owns 241,137 shares of the company worth $1,182,000 after purchasing an additional 103,386 shares in the last quarter. 85.51% of the shares are currently held by institutional investors.

Evelo Biosciences stock opened Thursday at $4.06. The company has a debt ratio of 1.41, a current ratio of 4.72 and a quick ratio of 4.72. Evelo Biosciences has a one-year minimum of $3.92 and a one-year maximum of $18.35. The stock has a market capitalization of $217.05 million, a PE ratio of -1.70 and a beta of 1.55. The company’s 50-day moving average is $6.24 and its 200-day moving average is $8.03.

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A number of research companies have published reports on EVLO. Zacks Investment Research upgraded Evelo Biosciences from a “hold” rating to a “buy” rating and set a price target of $5.00 for the company in a Thursday, February 3, report. Chardan Capital upgraded Evelo Biosciences from a “neutral” rating to a “buy” rating and set a price target of $12.00 for the company in a Monday, November 1, report. They noted that the move was a review call. JMP Securities cut its price target on Evelo Biosciences from $44.00 to $41.50 and set a “market outperformance” rating for the company in a Tuesday, November 2 report. Finally, BMO Capital Markets restated a “buy” rating and set a price target of $23.00 on shares of Evelo Biosciences in a Sunday, October 31 report. One investment analyst gave the stock a hold rating and six gave the company’s stock a buy rating. Based on data from MarketBeat.com, Evelo Biosciences currently has a consensus rating of “Buy” and a consensus target price of $19.50.

About Evelo Biosciences

Evelo Biosciences, Inc. operates as a clinical-stage biotechnology company, which engages in the development of investigational orally administered drugs. Its portfolio includes EDP1066 and EDP1815 for the treatment of inflammatory diseases; EDP2939 for inflammation; and EDP1908 for oncology. The company was founded by Noubar B.

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