Evommune (NYSE:EVMN) Stock Price Up 8.1% – Here’s Why

Evommune, Inc. (NYSE:EVMN)’s share price rose 8.1% during trading on Tuesday . The company traded as high as $24.38 and last traded at $24.3770. Approximately 278,388 shares changed hands during mid-day trading, a decline of 46% from the average session volume of 512,941 shares. The stock had previously closed at $22.55.

Analyst Ratings Changes

Several research analysts recently issued reports on EVMN shares. HC Wainwright reiterated a “buy” rating and set a $50.00 price target on shares of Evommune in a research report on Tuesday, May 26th. Oppenheimer started coverage on shares of Evommune in a research note on Tuesday, April 7th. They set an “outperform” rating and a $50.00 price target on the stock. Wall Street Zen cut shares of Evommune from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $48.00 target price on shares of Evommune in a research note on Friday, April 10th. Finally, Stifel Nicolaus initiated coverage on Evommune in a research note on Friday, May 1st. They set a “buy” rating and a $54.00 price target on the stock. Three analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $49.25.

Evommune Stock Performance

The company has a 50-day moving average price of $23.16 and a 200-day moving average price of $22.25. The firm has a market capitalization of $864.61 million and a P/E ratio of -2.53.

Evommune (NYSE:EVMN) last released its earnings results on Thursday, May 7th. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.19. Equities analysts predict that Evommune, Inc. will post -2.85 EPS for the current year.

Insider Buying and Selling

In other news, insider Jeegar Pravinkumar Patel sold 16,687 shares of Evommune stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.74, for a total transaction of $379,462.38. Following the transaction, the insider directly owned 46,403 shares of the company’s stock, valued at $1,055,204.22. This trade represents a 26.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Luis C. Pena sold 16,787 shares of the business’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $22.74, for a total transaction of $381,736.38. Following the completion of the transaction, the chief executive officer directly owned 637,896 shares of the company’s stock, valued at $14,505,755.04. This trade represents a 2.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 71,928 shares of company stock valued at $1,624,145.

Hedge Funds Weigh In On Evommune

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Evommune in the 4th quarter valued at about $34,000. Strs Ohio bought a new position in shares of Evommune during the 1st quarter worth approximately $41,000. The Manufacturers Life Insurance Company bought a new stake in shares of Evommune in the fourth quarter worth $179,000. XTX Topco Ltd bought a new position in Evommune in the fourth quarter valued at $321,000. Finally, Oxford Asset Management LLP acquired a new position in shares of Evommune during the 4th quarter worth about $335,000.

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.