Evommune (NYSE:EVMN) Shares Up 10.2% – Here’s Why

Evommune, Inc. (NYSE:EVMN) shares shot up 10.2% on Wednesday . The company traded as high as $23.04 and last traded at $23.17. 83,288 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 654,828 shares. The stock had previously closed at $21.02.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Cantor Fitzgerald initiated coverage on shares of Evommune in a research note on Monday, December 1st. They issued an “overweight” rating for the company. William Blair began coverage on shares of Evommune in a report on Monday, December 1st. They set an “outperform” rating for the company. Leerink Partners assumed coverage on shares of Evommune in a research report on Monday, December 1st. They issued an “outperform” rating and a $42.00 target price for the company. Oppenheimer initiated coverage on Evommune in a research report on Thursday, January 22nd. They set an “outperform” rating and a $42.00 price target on the stock. Finally, Weiss Ratings initiated coverage on Evommune in a research note on Tuesday, February 3rd. They set a “sell (e)” rating for the company. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Evommune currently has an average rating of “Buy” and an average target price of $47.17.

Evommune Stock Up 2.6%

The firm has a market capitalization of $854.47 million and a PE ratio of -2.94. The company has a 50 day moving average of $23.48.

Evommune (NYSE:EVMN) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($1.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.61).

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. EQT Fund Management S.a r.l. bought a new stake in shares of Evommune in the 4th quarter valued at about $84,395,000. RA Capital Management L.P. purchased a new position in Evommune in the 4th quarter worth approximately $59,214,000. Pivotal bioVenture Partners Investment Advisor LLC bought a new stake in Evommune in the fourth quarter valued at approximately $32,989,000. Nan Fung Group Holdings Ltd purchased a new stake in shares of Evommune during the fourth quarter valued at approximately $24,670,000. Finally, JPMorgan Chase & Co. bought a new position in shares of Evommune in the fourth quarter worth approximately $22,408,000.

About Evommune

Evommune is a clinical-stage biotechnology company developing innovative therapies that target key drivers of chronic inflammatory diseases, with initial clinical development programs focusing on chronic spontaneous urticaria (“CSU”), atopic dermatitis (“AD”) and ulcerative colitis (“UC”). Chronic inflammation is a significant healthcare problem in the world, substantially impacting patients’ quality of life and leading to life-threatening conditions. These conditions, if not prevented, ultimately lead to fatal diseases, such as cardiovascular diseases, diabetes and cancer, which contribute to three out of every five deaths worldwide and result in an estimated $90 billion of annual cost to the healthcare system in the United States.