Evommune initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Evommune (EVMN) with an Outperform rating and $42 price target The firm sees an attractive setup heading into three Phase 2 readouts this year for EVO756 in chronic spontaneous urticaria, atopic dermatitis, and EVO301 in AD. Oppenheimer thinks positive Phase 2 results in CIndU should translate to CSU given their shared mast-cell-driven pathophysiology and believes oral EVO756 is well-positioned to address high unmet need in CSU/atopic dermatitis. The firm sees an attractive risk/reward ahead of value-driving catalysts, potentially sending shares up 50%-100% for each readout and making Evommune an attractive acquisition target given broad applicability across I&I.