Evommune initiated with a Buy at Clear Street

Clear Street initiated coverage of Evommune (EVMN) with a Buy rating and $53 price target The firm views “first-in-class” oral EVO756 offering “an attractive risk-reward” in chronic spontaneous urticaria and atopic dermatitis, says the analyst, who forecasts risk-adjusted combined peak sales of $3.3B in 2039. EVO756 and EVO301, Evommune’s second first-in-class asset, have broadly applicable biology that supports “meaningful indication-expansion potential beyond CSU and AD,” the analyst added.