Clear Street Reiterates Buy Rating on Evommune Inc (EVMN) Amid 15% Drop

Clear Street analyst Kaveri Pohlman reiterated a Buy rating and $28.00 price target on Evommune Inc (NYSE: EVMN).

The analyst comments "EVMN shares fell after P2b EVO756 in AD failed to meet primary or secondary endpoints at any dose through week-14. While disappointing given translational data supporting MRGPRX2 in AD, we believe the migraine program retains an independent shot on goal, reinforced by Lundbeck’s (Nasdaq Copenhagen: HLUN-B, NC) positive anti-PACAP ligand mAb data, providing strong readthrough to EVO756. P2b AD safety matched prior CSU experience: AST/ALT elevations occurred in a few patients (weeks 6–10) at the highest dose and were reversible. The medium-dose group showed one hepatic-transaminase-elevation event emerging around week-8 that declined through week-12 despite treatment, making it less likely to be drug-related. Importantly, the highest dose is not being tested in the ongoing P2b migraine trial, mitigating the key safety concern (data expected 2H27). Efficacy POC is strongly supported by Lundbeck’s positive P2 data for anti-PACAP ligand mAb Lu AG0922, which inhibits MRGPRX2-driven signaling by directly blocking PACAP. The failure of PAC1-targeting AMG 301 further suggests PACAP’s migraine biology is mediated predominantly via MRGPRX2—not PAC1—strengthening EVO756’s mechanistic case. LLY’s discontinuation of PACAP-ligand agent LY3451838 appeared asset-specific. In P2b migraine, a 1.5–2 migraine-day improvement would be clinically meaningful and sufficient to advance to P3. EVO301 P2b initiation remains on track for mid-2027; P2a data are expected this fall at EADV or another dermatology meeting. EVO756’s AD failure also freed ~$50M, extending runway through 2Q29 vs 2028, potentially accelerating TLR7/8 inhibitor preclinical work (clinic 1H27) and funding additional pipeline assets."

For an analyst ratings summary and ratings history on Evommune Inc click here. For more ratings news on Evommune Inc click here.

Shares of Evommune Inc closed at $13.08 yesterday.

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