Evommune (NYSE:EVMN) Shares Gap Down Following Analyst Downgrade

Evommune, Inc. (NYSE:EVMN)’s stock price gapped down prior to trading on Monday after William Blair downgraded the stock from an outperform rating to a market perform rating. The stock had previously closed at $25.18, but opened at $17.54. Evommune shares last traded at $16.4650, with a volume of 2,341,724 shares trading hands.

Several other research firms have also issued reports on EVMN. Oppenheimer started coverage on shares of Evommune in a report on Tuesday, April 7th. They issued an “outperform” rating and a $50.00 target price on the stock. Stifel Nicolaus began coverage on Evommune in a research report on Friday, May 1st. They issued a “buy” rating and a $54.00 price objective for the company. Morgan Stanley boosted their price objective on Evommune from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, May 11th. Clear Str upgraded Evommune to a “strong-buy” rating in a research report on Tuesday, March 17th. Finally, Wall Street Zen cut Evommune from a “hold” rating to a “sell” rating in a research note on Saturday, June 13th. Three research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.25.

Insider Activity at Evommune

In other Evommune news, insider Janice Suzann Drew sold 20,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $22.63, for a total value of $452,600.00. Following the completion of the sale, the insider directly owned 67,794 shares in the company, valued at approximately $1,534,178.22. This trade represents a 22.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kyle Carver sold 18,175 shares of Evommune stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $22.84, for a total transaction of $415,117.00. Following the completion of the sale, the chief financial officer directly owned 59,335 shares of the company’s stock, valued at approximately $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. Insiders have sold 100,854 shares of company stock worth $2,279,142 over the last ninety days.

Institutional Trading of Evommune

Several large investors have recently made changes to their positions in EVMN. Strs Ohio bought a new stake in Evommune in the 1st quarter valued at about $41,000. China Universal Asset Management Co. Ltd. bought a new position in Evommune in the fourth quarter worth approximately $34,000. The Manufacturers Life Insurance Company acquired a new stake in Evommune in the fourth quarter valued at approximately $179,000. XTX Topco Ltd bought a new stake in shares of Evommune during the fourth quarter valued at approximately $321,000. Finally, Oxford Asset Management LLP bought a new stake in shares of Evommune during the fourth quarter valued at approximately $335,000.

Evommune Stock Down 31.0%

The business has a 50-day moving average price of $22.98 and a two-hundred day moving average price of $22.34. The company has a market capitalization of $625.88 million and a price-to-earnings ratio of -1.82.

Evommune (NYSE:EVMN) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.83) by $0.19. On average, sell-side analysts anticipate that Evommune, Inc. will post -2.85 EPS for the current fiscal year.

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.