Evommune, Inc.'s (NYSE:EVMN) Lock-Up Period To Expire on May 5th

Key Points

• Lock-up expiry May 5: Evommune's lock-up period ends on May 5, allowing insiders and major shareholders to sell shares; the company issued 9,375,000 IPO shares on Nov. 6 in a $150 million offering at $16.00 per share.
• Analyst consensus: The stock carries an average "Buy" rating with a mean target price of $48.43 (3 Strong Buy, 8 Buy, 1 Hold, 1 Sell), though recent price targets vary roughly between $40 and $55.
• Shares opened at $25.07 with a market cap of about $903M and a 52-week range of $13.89–$33.20; Evommune reported a quarterly EPS loss of ($1.43), missing estimates, while several large funds (EQT, RA Capital, Pivotal, Nan Fung, JPMorgan) initiated sizable Q4 positions.

Evommune's (NYSE:EVMN - Get Free Report) lock-up period is set to expire on Tuesday, May 5th. Evommune had issued 9,375,000 shares in its IPO on November 6th. The total size of the offering was $150,000,000 based on an initial share price of $16.00. After the end of Evommune's lock-up period, company insiders and major shareholders will be able to sell their shares of the company.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. HC Wainwright cut their price objective on shares of Evommune from $65.00 to $50.00 and set a "buy" rating for the company in a research report on Wednesday, March 18th. Evercore restated an "outperform" rating and set a $55.00 price objective on shares of Evommune in a research report on Tuesday, February 10th. Clear Str upgraded shares of Evommune to a "strong-buy" rating in a research report on Tuesday, March 17th. Raymond James Financial assumed coverage on shares of Evommune in a research report on Wednesday, January 7th. They set a "strong-buy" rating and a $40.00 price objective for the company. Finally, Morgan Stanley restated an "overweight" rating and set a $54.00 price objective on shares of Evommune in a research report on Wednesday, February 18th. Three analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $48.43.

Evommune Price Performance

Shares of EVMN opened at $25.07 on Tuesday. The company has a 50-day moving average of $25.43. The stock has a market cap of $902.84 million and a P/E ratio of -3.11. Evommune has a 52-week low of $13.89 and a 52-week high of $33.20.

Evommune (NYSE:EVMN - Get Free Report) last announced its quarterly earnings results 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). As a group, equities analysts forecast that Evommune will post -2.83 EPS for the current fiscal year.

Hedge Funds Weigh In On Evommune

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

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