Morgan Stanley Lowers Evommune (NYSE:EVMN) Price Target to $26.00

Evommune (NYSE:EVMN) had its target price reduced by Morgan Stanley from $55.00 to $26.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 72.47% from the company’s current price.

EVMN has been the topic of a number of other reports. Wall Street Zen cut shares of 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 report on Friday, May 1st. They set a “buy” rating and a $54.00 price objective on the stock. William Blair lowered shares of Evommune from an “outperform” rating to a “market perform” rating in a research note on Monday. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $48.00 target price on shares of Evommune in a report on Friday, April 10th. 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 issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Evommune currently has an average rating of “Moderate Buy” and a consensus target price of $45.62.

Evommune Stock Down 40.1%

Shares of NYSE EVMN opened at $15.07 on Tuesday. The business has a 50-day moving average price of $22.74 and a 200 day moving average price of $22.32. The stock has a market cap of $543.00 million and a PE ratio of -1.59. Evommune has a 52-week low of $13.89 and a 52-week high of $33.20.

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

Insider Transactions at Evommune

In other Evommune news, Director David E. Cohen sold 6,056 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $20.33, for a total transaction of $123,118.48. Following the sale, the director directly owned 17,609 shares in the company, valued at approximately $357,990.97. The trade was a 25.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeegar Pravinkumar Patel sold 1,488 shares of the company’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $22.50, for a total transaction of $33,480.00. Following the transaction, the insider directly owned 46,403 shares in the company, valued at approximately $1,044,067.50. This trade represents a 3.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 100,854 shares of company stock valued at $2,279,142.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. EQT Fund Management S.a r.l. acquired a new stake in shares of Evommune during the 4th quarter valued at approximately $84,395,000. RA Capital Management L.P. acquired a new stake in shares of Evommune in the 4th quarter worth approximately $59,214,000. Pivotal bioVenture Partners Investment Advisor LLC acquired a new stake in shares of Evommune in the 4th quarter worth approximately $32,989,000. Nan Fung Group Holdings Ltd purchased a new position in Evommune in the 4th quarter valued at approximately $24,670,000. Finally, JPMorgan Chase & Co. purchased a new position in Evommune in the 4th quarter valued at approximately $22,408,000.

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.