Evommune (NYSE:EVMN) Given New $26.00 Price Target at Morgan Stanley

Evommune (NYSE:EVMN) had its price target dropped by analysts at Morgan Stanley from $55.00 to $26.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 72.47% from the stock’s current price.

A number of other research firms have also recently weighed in on EVMN. Stifel Nicolaus began coverage on Evommune in a report on Friday, May 1st. They issued a “buy” rating and a $54.00 price target for the company. Wall Street Zen lowered Evommune from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $48.00 price objective on shares of Evommune in a research report on Friday, April 10th. Oppenheimer initiated coverage on shares of Evommune in a research note on Tuesday, April 7th. They issued an “outperform” rating and a $50.00 target price for the company. Finally, William Blair cut shares of Evommune from an “outperform” rating to a “market perform” rating in a research note on Monday. Three analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $45.62.

Evommune Trading Down 40.1%

Shares of NYSE EVMN opened at $15.07 on Tuesday. The stock has a market cap of $543.00 million and a price-to-earnings ratio of -1.59. Evommune has a 52 week low of $13.89 and a 52 week high of $33.20. The company’s 50-day moving average price is $22.74 and its 200 day moving average price is $22.32.

Evommune (NYSE:EVMN) last posted its earnings results on Thursday, May 7th. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.19. As a group, research analysts expect that Evommune will post -2.85 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jeegar Pravinkumar Patel sold 1,488 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $22.50, for a total value of $33,480.00. Following the completion of the transaction, the insider directly owned 46,403 shares in the company, valued at approximately $1,044,067.50. This represents a 3.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kyle Carver sold 18,175 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $22.84, for a total value of $415,117.00. Following the transaction, the chief financial officer owned 59,335 shares in the company, valued at $1,355,211.40. This trade represents a 23.45% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 100,854 shares of company stock valued at $2,279,142.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Evommune in the fourth quarter worth approximately $34,000. Strs Ohio acquired a new position in Evommune during the first quarter worth approximately $41,000. The Manufacturers Life Insurance Company purchased a new position in Evommune during the fourth quarter worth approximately $179,000. XTX Topco Ltd acquired a new position in shares of Evommune in the 4th quarter valued at $321,000. Finally, Oxford Asset Management LLP acquired a new position in shares of Evommune in the 4th quarter valued at $335,000.

Evommune Company Profile

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.