Evommune Inc (EVMN) PT Lowered to $21 at RBC Capital

RBC Capital analyst Brian Abrahams lowered the price target on Evommune Inc (NYSE: EVMN) to $21.00 (from $29.00) while maintaining an Outperform rating.

The analyst commented: '756 Falters Again, This Time in AD, But Third Time (Migraine) Could Be Charm, And IL-18 Has Value; Failure of '756 in AD is disappointing, though after the lack of signals in the CSU data, we believe expectations were low going in, and we had assumed a relatively niche potential opportunity for the drug upon success. Results continue to call into some question the drug's profile and X2 mechanism overall, but we believe migraine still makes sense to explore given perhaps more direct mechanistic applicability, and we expect their IL-18 AD drug, '301, to gain more attention given the promise and differentiation of that approach. Price target lowered to $21 (from $29) but on balance we still see LT upside potential from current levels, so remain Outperform, Spec. Risk."

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