Core Viewpoint - H.C. Wainwright initiated coverage on Evommune with a Buy rating and a price target of $35.00, citing favorable risk-reward dynamics ahead of key clinical readouts in 2026 due to recent share price weakness and reduced competition in the MRGPRX2 space [1] Group 1: Clinical Data and Safety Profile - Early human proof-of-concept data in chronic inducible urticaria supports potential applications in chronic spontaneous urticaria, highlighting the company's promising clinical data [2] - A clean safety profile across early studies is noted as a significant differentiator, especially in light of recent toxicity issues faced by other oral MRGPRX2 programs [2] Group 2: Company Background and Product Pipeline - Evommune was founded by the team that previously built Dermira, which was sold to Eli Lilly for $1.1 billion, and has successfully advanced lebrikizumab and Qbrexza into commercial products [3] - The company is advancing two clinical-stage assets: EVO-756, an oral MRGPRX2 inhibitor for chronic spontaneous urticaria and atopic dermatitis, and EVO-301, an IL-18 inhibitor for atopic dermatitis and ulcerative colitis [3] - Positive data expected in 2026 could enhance both the company's valuation and strategic interest from potential partners [3]
H.C. Wainwright Initiates Evommune Coverage, Highlights 2026 Data Catalysts