Evommune (NYSE:EVMN) Price Target Lowered to $21.00 at Royal Bank Of Canada

Key Points

• Royal Bank of Canada cut Evommune’s price target from $29 to $21 while maintaining an “outperform” rating, implying 88.59% upside from the previous close.
• Analyst sentiment remains mixed but leans positive: MarketBeat reports an overall “Moderate Buy” rating and average price target of $40.67, despite recent downgrades and target reductions from several firms.
• Evommune shares opened at $11.13 after a reported 14.9% decline. The clinical-stage biotech also missed its latest quarterly earnings estimate, posting an adjusted loss of $0.89 per share versus the expected $0.68 loss.

Evommune (NYSE:EVMN - Get Free Report) had its price objective decreased by analysts at Royal Bank Of Canada from $29.00 to $21.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Royal Bank Of Canada's target price indicates a potential upside of 88.59% from the stock's previous close.

A number of other research analysts also recently issued reports on EVMN. William Blair downgraded shares of Evommune from an "outperform" rating to a "market perform" rating in a research report on Monday, June 29th. HC Wainwright reaffirmed a "neutral" rating on shares of Evommune in a research report on Wednesday. Morgan Stanley reduced their price target on shares of Evommune from $55.00 to $26.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 30th. Wall Street Zen downgraded shares of Evommune from a "hold" rating to a "sell" rating in a research note on Saturday, June 13th. Finally, Raymond James Financial lowered shares of Evommune from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, June 29th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Evommune currently has an average rating of "Moderate Buy" and an average target price of $40.67.

Evommune Stock Down 14.9%

Shares of NYSE EVMN opened at $11.13 on Wednesday. The firm's fifty day moving average is $12.83 and its 200 day moving average is $19.82. Evommune has a 52 week low of $10.47 and a 52 week high of $33.20. The company has a market cap of $404.09 million and a price-to-earnings ratio of -1.03.

Evommune (NYSE:EVMN - Get Free Report) last announced its quarterly 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). Equities research analysts anticipate that Evommune will post -3.16 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Luis Pena sold 7,438 shares of Evommune stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $22.71, for a total value of $168,916.98. Following the completion of the transaction, the chief executive officer owned 630,458 shares of the company's stock, valued at $14,317,701.18. The trade was a 1.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Arthur S. Kirsch purchased 10,000 shares of the company's stock in a transaction that occurred on Tuesday, July 7th. The stock was purchased at an average price of $13.30 per share, for a total transaction of $133,000.00. Following the purchase, the director owned 10,000 shares in the company, valued at $133,000. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 28,926 shares of company stock worth $654,997 in the last 90 days. 31.10% of the stock is owned by company insiders.

Institutional Investors Weigh In On Evommune

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.