Evommune initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Evommune (EVMN) with an Outperform rating and $48 price target The firm says “optimized” pharmacology and development approaches for its lead agents ‘along with “promising” recent initial proof of principle IL-18 data should enable Evommune “to succeed where others failed.” The company is positioned for “meaningful” long-term revenue even in competitive spaces, the analyst tells investors in a research note. RBC sees a “compelling setup” into Evommune’s upcoming Phase 2 chronic spontaneous urticaria data.