Morgan Stanley analyst Judah Frommer raised the firm’s price target on Evommune (EVMN) to $54 from $36 and keeps an Overweight rating on the shares. The firm says that EVO301, a program that likely sat outside most models prior to Phase 2a data, demonstrates a compelling profile in AD. Morgan Stanley expects the program will be key to valuation moving forward as Evommune’s pipeline matures beyond EVO756 in CSU.
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