Evommune (NYSE:EVMN) Shares Down 7% Following Analyst Downgrade

Evommune, Inc. (NYSE:EVMN) shares fell 7% during trading on Tuesday after Morgan Stanley lowered their price target on the stock from $55.00 to $26.00. Morgan Stanley currently has an overweight rating on the stock. Evommune traded as low as $14.01 and last traded at $13.9920. 493,704 shares were traded during trading, a decline of 19% from the average session volume of 609,926 shares. The stock had previously closed at $15.05.

Other research analysts also recently issued research reports about the company. HC Wainwright downgraded Evommune from a “buy” rating to a “neutral” rating in a research note on Tuesday. Royal Bank Of Canada reissued an “outperform” rating and issued a $48.00 price objective on shares of Evommune in a report on Friday, April 10th. Wall Street Zen cut shares of Evommune from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Stifel Nicolaus initiated coverage on shares of Evommune in a research report on Friday, May 1st. They issued a “buy” rating and a $54.00 price target for the company. Finally, Clear Str upgraded shares of Evommune to a “strong-buy” rating in a research note on Tuesday, March 17th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Evommune presently has an average rating of “Moderate Buy” and a consensus price target of $45.62.

Insider Transactions at Evommune

In other Evommune news, insider Janice Suzann Drew sold 20,000 shares of Evommune stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $22.63, for a total value of $452,600.00. Following the transaction, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeegar Pravinkumar Patel sold 16,687 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $22.74, for a total value of $379,462.38. Following the completion of the transaction, the insider directly owned 46,403 shares in the company, valued at approximately $1,055,204.22. The trade was a 26.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,854 shares of company stock worth $2,279,142 over the last three months.

Hedge Funds Weigh In On Evommune

Several institutional investors have recently bought and sold shares of EVMN. Strs Ohio acquired a new stake in shares of Evommune in the 1st quarter worth $41,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Evommune during the fourth quarter worth about $34,000. The Manufacturers Life Insurance Company raised its holdings in Evommune by 25.3% during the first quarter. The Manufacturers Life Insurance Company now owns 12,812 shares of the company’s stock worth $295,000 after purchasing an additional 2,587 shares in the last quarter. XTX Topco Ltd purchased a new position in Evommune during the fourth quarter worth about $321,000. Finally, Oxford Asset Management LLP acquired a new stake in Evommune in the fourth quarter valued at about $335,000.

Evommune Trading Down 7.2%

The stock has a fifty day simple moving average of $22.74 and a two-hundred day simple moving average of $22.32. The company has a market cap of $503.09 million and a PE ratio of -1.48.

Evommune (NYSE:EVMN) last issued its earnings results on Thursday, May 7th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.19. As a group, equities research 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.