Evommune (NYSE:EVMN) Trading Down 7.6% – What’s Next?

Evommune, Inc. (NYSE:EVMN) shares dropped 7.6% during trading on Tuesday . The company traded as low as $21.70 and last traded at $21.6650. Approximately 34,382 shares traded hands during trading, a decline of 95% from the average daily volume of 660,623 shares. The stock had previously closed at $23.45.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EVMN. Oppenheimer assumed coverage on Evommune in a research report on Thursday, January 22nd. They issued an “outperform” rating and a $42.00 price objective on the stock. Weiss Ratings began coverage on Evommune in a report on Tuesday, February 3rd. They set a “sell (e)” rating for the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $54.00 price target on shares of Evommune in a research note on Wednesday, February 18th. Cantor Fitzgerald assumed coverage on shares of Evommune in a research report on Monday, December 1st. They set an “overweight” rating on the stock. Finally, Zacks Research raised shares of Evommune to a “hold” rating in a research report on Tuesday, December 2nd. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $47.17.

Evommune Trading Up 10.2%

The stock has a 50 day moving average price of $23.40. The stock has a market cap of $834.43 million and a P/E ratio of -2.87.

Evommune (NYSE:EVMN) last released its quarterly earnings data on Thursday, March 5th. The company reported ($1.43) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.61).

Hedge Funds Weigh In On Evommune

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EQT Fund Management S.a r.l. bought a new stake in shares of Evommune in the 4th quarter worth $84,395,000. RA Capital Management L.P. purchased a new stake in Evommune during the fourth quarter valued at $59,214,000. Pivotal bioVenture Partners Investment Advisor LLC purchased a new position in Evommune in the fourth quarter worth about $32,989,000. Nan Fung Group Holdings Ltd bought a new stake in shares of Evommune during the 4th quarter valued at about $24,670,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Evommune in the 4th quarter worth $22,408,000.

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.