Evommune, Inc. (NASDAQ:EVMN) shares jumped Tuesday following the announcement of positive top-line results from its Phase 2a trial evaluating EVO301 for treating moderate-to-severe atopic dermatitis.

The 70-patient trial was designed to evaluate the safety and efficacy of intravenous dosing of 5mg/kg on day 1 and day 28 (n=48 active, n=22 placebo) over 12 weeks.

Trial Data

The study achieved highly statistically significant outcomes in adult patients with moderate-to-severe atopic dermatitis (AD).

The company on Tuesday said that the trial met its primary efficacy endpoint at week 12, demonstrating a 33% placebo-adjusted improvement in the Eczema Area and Severity Index (EASI) at that time.

Additionally, 23% of patients treated with EVO301 achieved a score of 0 or 1 on the validated Investigator’s Global Assessment for Atopic Dermatitis, compared to none in the placebo group.

Pharmacokinetics were consistent with the Phase 1 healthy volunteer trial; PK and target engagement data continue to support a Q4 week dosing regimen.

EVO301 was well tolerated, with no related serious or severe adverse events reported, no treatment-related discontinuations due to adverse events, and no meaningful differences in events between the active and placebo groups.

Reduction of both Th2 and non-Th2 inflammatory biomarkers in AD was observed.

Next Steps

The company plans to advance to a Phase 2b dose-ranging trial using a subcutaneous formulation of EVO301, while also exploring potential additional indications, including ulcerative colitis.

Technical Analysis

The stock is currently trading 5.1% below its 20-day simple moving average (SMA) and 2.7% below its 50-day SMA, indicating some short-term weakness. Over the past 12 months, shares have decreased by 16.02% and are positioned closer to their 52-week lows than highs, reflecting a challenging year for the stock.

The RSI is at 44.19, which is considered neutral territory, suggesting that the stock is neither overbought nor oversold. Meanwhile, MACD is below its signal line, indicating bearish pressure on the stock.

The combination of neutral RSI and bearish MACD suggests mixed momentum.

• Key Resistance: $21.00
• Key Support: $16.50

Analyst Consensus & Recent Actions: The stock carries an Outperform Rating with an average price target of $39.17. Recent analyst moves include:

• Oppenheimer: Initiated with Outperform (Target $42.00) (Jan. 22)
• Raymond James: Initiated with Strong Buy (Target $40.00) (Jan. 8)
• HC Wainwright & Co.: Initiated with Buy (Target $35.00) (Jan. 6)

EVMN Price Action: Evommune shares were up 42.73% at $24.25 at the time of publication on Tuesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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