Evommune (NYSE:EVMN) Trading Down 7.4% – Time to Sell?

Evommune, Inc. (NYSE:EVMN)’s share price dropped 7.4% during mid-day trading on Thursday . The stock traded as low as $28.48 and last traded at $28.80. Approximately 93,433 shares changed hands during trading, a decline of 89% from the average daily volume of 871,425 shares. The stock had previously closed at $31.10.

Wall Street Analysts Forecast Growth

EVMN has been the subject of several research analyst reports. Weiss Ratings assumed coverage on shares of Evommune in a research note on Tuesday, February 3rd. They set a “sell (e)” rating for the company. HC Wainwright boosted their target price on Evommune from $35.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, February 10th. Oppenheimer initiated coverage on Evommune in a research note on Thursday, January 22nd. They issued an “outperform” rating and a $42.00 price objective on the stock. Leerink Partners assumed coverage on shares of Evommune in a report on Monday, December 1st. They issued an “outperform” rating and a $42.00 target price for the company. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $54.00 price target on shares of Evommune in a research note on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.67.

Evommune Stock Down 8.1%

The stock has a market cap of $900.84 million and a P/E ratio of -3.54. The business’s fifty day moving average price is $19.80.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. bought a new stake in Evommune during the 4th quarter valued at about $34,000. The Manufacturers Life Insurance Company purchased a new position in shares of Evommune during the fourth quarter worth approximately $179,000. XTX Topco Ltd bought a new stake in shares of Evommune during the fourth quarter valued at approximately $321,000. Oxford Asset Management LLP purchased a new stake in shares of Evommune in the fourth quarter valued at approximately $335,000. Finally, State Street Corp bought a new position in Evommune in the fourth quarter worth approximately $539,000.

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.