Oppenheimer assumed coverage of Evommune (EVMN) with an Outperform rating and $50 price target The firm says investor focus is on Q2 readout in chronic spontaneous urticaria, wherein substantial unmet need remains due to inconvenience and/or suboptimal safety/efficacy of the multiple approved options. EVO756 offers a compelling alternative, combining convenient oral dosing with a differentiated/promising mechanism, targeting mast cells and sensory neurons. Based on available chronic inducible urticaria data, Oppenheimer expects EVO756’s Phase II readout in Q26 to offer Dupixent-like safety with Rhapsido-like or better efficacy, potentially driving 50%-100% upside in Evommune.
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