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

Evommune, Inc. (NYSE:EVMN)’s stock price fell 7% 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. Approximately 493,704 shares were traded during mid-day trading, a decline of 19% from the average session volume of 609,926 shares. The stock had previously closed at $15.05.

A number of other equities analysts have also recently weighed in on the company. Oppenheimer initiated coverage on Evommune in a report on Tuesday, April 7th. They set an “outperform” rating and a $50.00 price target for the company. HC Wainwright lowered Evommune from a “buy” rating to a “neutral” rating in a research note on Tuesday. Wall Street Zen cut Evommune from a “hold” rating to a “sell” rating in a report on Saturday, June 13th. Stifel Nicolaus began coverage on shares of Evommune in a research note on Friday, May 1st. They set a “buy” rating and a $54.00 price target on the stock. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $48.00 price target on shares of Evommune in a research report on Friday, April 10th. Three research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.62.

Insiders Place Their Bets

In related news, CEO Luis C. Pena sold 16,787 shares of the business’s stock in a transaction on Monday, June 1st. The stock was 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. The trade was a 2.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gregory S. Moss sold 14,223 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $22.83, for a total value of $324,711.09. Following the sale, the insider owned 60,835 shares in the company, valued at approximately $1,388,863.05. This trade represents a 18.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 100,854 shares of company stock valued at $2,279,142.

Institutional Trading of Evommune

Large investors have recently made changes to their positions in the company. Defilade Capital Management L.P. lifted its holdings in Evommune by 215.0% during the 1st quarter. Defilade Capital Management L.P. now owns 678,589 shares of the company’s stock worth $15,601,000 after buying an additional 463,171 shares during the last quarter. Perceptive Advisors LLC purchased a new position in shares of Evommune in the 1st quarter valued at about $10,308,000. Bank of America Corp DE raised its position in shares of Evommune by 928.3% during the 1st quarter. Bank of America Corp DE now owns 30,201 shares of the company’s stock worth $694,000 after acquiring an additional 27,264 shares in the last quarter. Stempoint Capital LP lifted its stake in Evommune by 184.1% during the first quarter. Stempoint Capital LP now owns 193,777 shares of the company’s stock worth $4,385,000 after purchasing an additional 125,581 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new stake in Evommune during the first quarter worth approximately $20,615,000.

Evommune Stock Down 7.2%

The stock has a market capitalization of $503.09 million and a price-to-earnings ratio of -1.48. The stock has a fifty day moving average of $22.74 and a 200-day moving average of $22.32.

Evommune (NYSE:EVMN) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.64) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.19. On average, equities analysts forecast 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.