Evommune initiated with an Outperform at Leerink

Leerink analyst Thomas Smith initiated coverage of Evommune (EVMN) with an Outperform rating and $42 price target Evommune is a clinical-stage biotech developing potentially first-in-class therapeutics for chronic inflammatory diseases, the analyst tells investors in a research note. The firm says early clinical proof of concept for the company’s lead asset EVO756 in healthy volunteers and chronic inducible urticaria patients “demonstrated clear target engagement, dose-dependent activity, rapid onset of action, and a clean safety profile.” Leerink thinks Evommune’s data readouts in 2026 represent “value-inflecting catalysts” for the shares with potential to unlock blockbuster opportunities.