Evommune

EVMN · NYSE

$5.38+$0.11 (+2.09%)TodayMarket closed · Oct 20, 7:50 PM ET

Prev close $5.27

EVMN analyst rating

BuyConsensus of 12 analysts over the last 12 months. 75% rate it a buy.

Strong buy1
Buy8
Hold3
Underperform0
Sell0

12-month price target · 11 analysts

Average $24.48 (+355.0% upside)

Low: $18.18
Now: $5.38
High: $31.50

Upgrades and downgrades

The latest rating actions, newest first

EVMN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
UBS	Oct 12, 2026	Initiates	Neutral	$8.00	0%
Leerink Partners	Sep 9, 2026	Maintains	Outperform	$28.00 → $22.00	25%
RBC Capital	Sep 9, 2026	Maintains	Outperform	$29.00 → $21.00	44%
HC Wainwright & Co.	Sep 9, 2026	Maintains	Neutral	—	32%
Needham	Aug 26, 2026	Initiates	Buy	$28.00	53%
RBC Capital	Aug 7, 2026	Maintains	Outperform	$30.00 → $29.00	44%
HC Wainwright & Co.	Aug 3, 2026	Maintains	Neutral	—	32%
Morgan Stanley	Jun 30, 2026	Maintains	Overweight	$55.00 → $26.00	57%
HC Wainwright & Co.	Jun 30, 2026	Downgrade	Buy → Neutral	—	32%
William Blair	Jun 29, 2026	Downgrade	Outperform → Market Perform	—	35%

The case for and against

Updated Oct 14, 2026

Bull case

Evommune is supported by a dual-asset pipeline that provides meaningful optionality: EVO756 is a differentiated oral MRGPRX2 inhibitor with proof of mechanism, rapid onset, dose-dependent activity, and a clean safety profile, while EVO301 brings an orthogonal IL-18 mechanism with favorable pharmacokinetics, robust tolerability, and monthly dosing potential. Despite EVO756’s misses in CSU and AD, the company can still unlock value in migraine, a high-value indication that could represent a $700M opportunity, and EVO301’s Phase 2a AD data were encouraging, with 55% mean EASI reduction versus 22% for placebo and no treatment-related serious or severe adverse events. With a Phase 2b migraine study underway, EVO301’s Phase 2b AD trial planned to start in mid-2027, and sufficient capital to reach key milestones, the fundamentals support continued pipeline-driven upside across multiple multi-billion-dollar inflammatory markets.

Bear case

Evommune is viewed negatively because its lead programs have not yet shown differentiated efficacy where it matters most: EVO756 failed its Phase 2b AD trial in 121 adults over 12 weeks, missing the primary endpoint and all secondary endpoints, with similar results to the failed Phase 2 CSU study and no itch benefit. The company also faces substantial execution risk around EVO301, since human IV activity has not translated into convincing SC data, chronic-use safety remains unproven, and migraine remains high risk and as-yet untested against strong competition. Fundamentally, it is a clinical-stage biotech with no revenues, likely needing additional capital within the next few years, while an ~$185M cash-adjusted EV and runway extending into 2029 still leave meaningful downside if the next readouts are negative or delayed.

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