Evommune (NYSE:EVMN) Shares Down 7.7% – Here’s Why

Evommune, Inc. (NYSE:EVMN) fell 7.7% during mid-day trading on Thursday . The company traded as low as $19.61 and last traded at $19.61. 28,283 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 382,312 shares. The stock had previously closed at $21.25.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Leerink Partners began coverage on shares of Evommune in a research report on Monday, December 1st. They set an “outperform” rating and a $42.00 price objective for the company. Raymond James Financial assumed coverage on Evommune in a report on Wednesday, January 7th. They set a “strong-buy” rating and a $40.00 price target for the company. Wall Street Zen raised Evommune from a “sell” rating to a “hold” rating in a research report on Sunday, December 14th. HC Wainwright started coverage on Evommune in a research report on Tuesday, January 6th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Zacks Research upgraded Evommune to a “hold” rating in a report on Tuesday, December 2nd. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, Evommune has an average rating of “Buy” and an average price target of $38.60.

Evommune Price Performance

The business’s 50-day moving average price is $18.56. The stock has a market capitalization of $526.45 million and a price-to-earnings ratio of -2.07.

Evommune (NYSE:EVMN) last announced its quarterly earnings data on Thursday, December 11th. The company reported ($8.07) EPS for the quarter, missing analysts’ consensus estimates of ($6.58) by ($1.49). The business had revenue of $10.00 million during the quarter, compared to analysts’ expectations of $10.00 million.

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.