Needham & Company LLC Begins Coverage on Evommune (NYSE:EVMN)

Analysts at Needham & Company LLC assumed coverage on shares of Evommune (NYSE:EVMN) in a report released on Wednesday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $28.00 price target on the stock. Needham & Company LLC’s price objective would suggest a potential upside of 103.06% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Morgan Stanley decreased their target price on shares of Evommune from $55.00 to $26.00 and set an “overweight” rating for the company in a research note on Tuesday, June 30th. Wall Street Zen lowered shares of Evommune from a “hold” rating to a “sell” rating in a research report on Saturday, June 13th. Royal Bank Of Canada cut their price target on shares of Evommune from $30.00 to $29.00 and set an “outperform” rating for the company in a research note on Friday, August 7th. Weiss Ratings downgraded shares of Evommune from a “sell (d)” rating to a “sell (d-)” rating in a research report on Monday, June 29th. Finally, William Blair lowered shares of Evommune from an “outperform” rating to a “market perform” rating in a research note on Monday, June 29th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Evommune currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.56.

Evommune Stock Performance

Shares of NYSE EVMN opened at $13.79 on Wednesday. The stock has a 50 day moving average price of $14.49 and a 200 day moving average price of $20.77. Evommune has a 52 week low of $10.47 and a 52 week high of $33.20. The stock has a market capitalization of $500.43 million and a PE ratio of -1.25.

Evommune (NYSE:EVMN) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.21). As a group, research analysts forecast that Evommune will post -3.16 EPS for the current year.

Insider Buying and Selling at Evommune

In other news, Director David E. Cohen sold 6,056 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $20.33, for a total transaction of $123,118.48. Following the completion of the sale, the director owned 17,609 shares in the company, valued at approximately $357,990.97. This trade represents a 25.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Janice Suzann Drew sold 20,000 shares of Evommune stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $22.63, for a total transaction of $452,600.00. Following the sale, the insider directly owned 67,794 shares of the company’s stock, valued at $1,534,178.22. The trade was a 22.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 100,854 shares of company stock worth $2,279,142. 31.10% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Evommune

Institutional investors have recently made changes to their positions in the company. Sectoral Asset Management Inc. acquired a new position in shares of Evommune in the fourth quarter valued at approximately $10,084,000. Geode Capital Management LLC bought a new position in shares of Evommune during the fourth quarter worth approximately $1,881,000. Seven Grand Managers LLC acquired a new stake in Evommune during the 4th quarter worth approximately $1,284,000. Goldman Sachs Group Inc. bought a new stake in Evommune in the 4th quarter valued at $1,056,000. Finally, TD Asset Management Inc bought a new stake in Evommune in the 4th quarter valued at $764,000.

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.