Shares of Evotec SE (EVO) tumbled 9.57% in pre-market trading on Wednesday, as investors reacted to the company's underwhelming third-quarter financial results and news of a strategic asset sale.

The German biotech firm reported quarterly losses of $0.14 per share, meeting analyst expectations but representing a 16.67% increase in losses compared to the same period last year. More significantly, Evotec's quarterly sales came in at $191.62 million, missing the analyst consensus estimate of $237.32 million by 19.26%. This also marks a 5.71% decrease from the $203.21 million in sales reported in the same quarter of the previous year.

Adding to the market's concerns, Evotec announced the sale of its Just – Evotec Biologics Toulouse site to Sandoz (SDZNY). While this move may be part of a broader strategic realignment, it comes at a time when the company is facing challenges in revenue growth. The combination of missed sales targets and asset divestment appears to have sparked investor unease, contributing to the significant pre-market decline in Evotec's stock price.