Evommune initiated with a Buy at Stifel

Stifel initiated coverage of Evommune (EVMN) with a Buy rating and $54 price target The firm views MRGPRX2 as “an exciting target across a range of diseases with mast cell involvement” and believes the upcoming Phase 2b data from first-in-class MRGPRX2 inhibitor EVO756 in Q2 “represent a key test of the mechanism within the growing CSU market.” Phase 2 data in Atopic Dermatitis are also expected in the second half of the year, which the firm believes “could offer some downside protection.”