Evommune (NYSE:EVMN) Shares Gap Up – Here’s Why

Evommune, Inc. (NYSE:EVMN)’s stock price gapped up before the market opened on Friday . The stock had previously closed at $27.88, but opened at $29.71. Evommune shares last traded at $31.17, with a volume of 207,614 shares traded.

Analyst Upgrades and Downgrades

EVMN has been the topic of several research analyst reports. Zacks Research raised Evommune to a “hold” rating in a research note on Tuesday, December 2nd. Leerink Partners began coverage on shares of Evommune in a research note on Monday, December 1st. They issued an “outperform” rating and a $42.00 price objective for the company. The Goldman Sachs Group raised shares of Evommune to a “buy” rating in a research report on Wednesday, January 7th. Weiss Ratings initiated coverage on Evommune in a research report on Tuesday, February 3rd. They set a “sell (e)” rating on the stock. Finally, HC Wainwright raised their price objective on Evommune from $35.00 to $65.00 and gave the company a “buy” rating in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $45.71.

Evommune Stock Performance

The firm has a market cap of $1.00 billion and a price-to-earnings ratio of -3.93. The firm has a 50 day moving average price of $18.85.

Evommune (NYSE:EVMN) last announced its quarterly earnings data on Thursday, December 11th. The company reported ($8.07) EPS for the quarter, missing the consensus estimate of ($6.58) by ($1.49). The company had revenue of $10.00 million for the quarter, compared to analysts’ expectations of $10.00 million.

Institutional Trading of Evommune

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. EQT Fund Management S.a r.l. acquired a new position in shares of Evommune in the fourth quarter valued at about $84,395,000. JPMorgan Chase & Co. acquired a new stake in Evommune during the 4th quarter valued at approximately $22,408,000. SymBiosis Capital Partners LLC purchased a new stake in shares of Evommune in the 4th quarter valued at $21,927,000. Sectoral Asset Management Inc. acquired a new stake in shares of Evommune in the fourth quarter worth $10,084,000. Finally, Federated Hermes Inc. purchased a new position in shares of Evommune during the fourth quarter worth $5,564,000.

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.