Morgan Stanley lowered the firm's price target on Evommune to $26 from $55 and keeps an Overweight rating on the shares after the failure of its lead asset, EVO756, in a Phase 2b study of its lead indication, chronic spontaneous urticaria. While removing '756 from the firm's model, the firm maintains an Overweight rating as EVO301 data in atopic dermatitis reported earlier this year "remain encouraging" and the mechanistic rationale for EVO756 in migraine "represents medium-term optionality for the asset," the analyst tells investors.
