Evommune (NYSE:EVMN) Coverage Initiated at Needham & Company LLC

Key Points

• Needham initiated coverage of Evommune with a “buy” rating and a $28 price target, implying approximately 103% upside from the stock’s $13.79 price. MarketBeat’s broader analyst consensus is “Moderate Buy,” with a $41.56 average price target.
• Evommune reported a quarterly loss of $0.89 per share, missing the $0.68 consensus estimate; analysts expect a full-year loss of approximately $3.16 per share.
• Insiders sold 100,854 shares worth about $2.28 million over the past three months, while institutional investors including Sectoral Asset Management and Geode Capital Management established new positions.

Equities researchers at Needham & Company LLC started coverage on shares of Evommune (NYSE:EVMN - Get Free Report) in a research report issued to clients and investors on Wednesday, Marketbeat.com reports. The brokerage set a "buy" rating and a $28.00 price target on the stock. Needham & Company LLC's target price suggests a potential upside of 103.06% from the stock's current price.

Several other research analysts have also weighed in on the stock. William Blair lowered shares of Evommune from an "outperform" rating to a "market perform" rating in a research note on Monday, June 29th. Wall Street Zen lowered shares of Evommune from a "hold" rating to a "sell" rating in a report on Saturday, June 13th. Raymond James Financial cut shares of Evommune from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, June 29th. Weiss Ratings cut shares of Evommune from a "sell (d)" rating to a "sell (d-)" rating in a research report on Monday, June 29th. Finally, Morgan Stanley dropped their price objective on Evommune from $55.00 to $26.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $41.56.

Evommune Stock Up 0.9%

Shares of Evommune stock opened at $13.79 on Wednesday. The business has a fifty day simple moving average of $14.49 and a 200 day simple moving average of $20.77. The stock has a market cap of $500.43 million and a PE ratio of -1.25. Evommune has a 12 month low of $10.47 and a 12 month high of $33.20.

Evommune (NYSE:EVMN - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.21). Analysts expect that Evommune will post -3.16 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeegar Pravinkumar Patel sold 16,687 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.74, for a total transaction of $379,462.38. Following the completion of the sale, the insider owned 46,403 shares of the company's stock, valued at $1,055,204.22. This represents a 26.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Janice Suzann Drew sold 20,000 shares of the firm's stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $22.63, for a total transaction of $452,600.00. Following the sale, the insider owned 67,794 shares in the company, valued at approximately $1,534,178.22. The trade was a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 100,854 shares of company stock valued at $2,279,142. 31.10% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EVMN. Sectoral Asset Management Inc. acquired a new stake in Evommune in the 4th quarter valued at approximately $10,084,000. Geode Capital Management LLC acquired a new position in Evommune during the 4th quarter worth approximately $1,881,000. Seven Grand Managers LLC bought a new position in shares of Evommune during the 4th quarter worth approximately $1,284,000. Goldman Sachs Group Inc. bought a new position in shares of Evommune during the 4th quarter worth approximately $1,056,000. Finally, TD Asset Management Inc acquired a new stake in shares of Evommune in the fourth quarter valued at approximately $764,000.

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.

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