NEW YORK, Feb 11, 2026, 05:17 EST — Premarket
Evommune, Inc. (EVMN) saw its shares slip roughly 1.6% in premarket trading Wednesday, down to $28.55. This comes after the clinical-stage biotech surged 70.9% the day before on promising mid-stage eczema trial results. On Tuesday, the stock closed at $29.03, having fluctuated between $21.80 and $33.20, putting it near the peak of its 52-week range. (Investing)
This is a crucial test for Evommune, marking its first solid data on whether targeting interleukin-18 (IL-18) can make a difference in a field packed with major immunology players. As a newly public biotech with minimal revenue, nailing one clear result can shift the conversation for fundraising, upcoming trials, and even potential deals.
Evommune revealed in a U.S. Securities and Exchange Commission filing that its drug candidate EVO301 hit the primary endpoint in a 70-patient, randomized, double-blind Phase 2a trial targeting moderate-to-severe atopic dermatitis, or eczema. The company noted a 33% placebo-adjusted improvement in EASI — the standard measure for eczema severity — at week 12. Additionally, 23% of patients treated with EVO301 achieved a “clear” or “almost clear” rating on a physician assessment scale, compared to zero in the placebo group. (SEC)
Dr. Mark G. Lebwohl from the Icahn School of Medicine at Mount Sinai noted that the findings point to “pathways beyond only Th2 biology” playing a role in eczema. Evommune’s CEO Luis Peña called the results a “big milestone” and revealed plans to advance EVO301 into a Phase 2b dose-ranging trial. (Evommune, Inc.)
Evommune’s data stand out when compared to Sanofi and Regeneron’s Dupixent, the top-selling atopic dermatitis treatment that targets IL-4 and IL-13 signaling with biweekly maintenance dosing. William Blair analyst Matt Phipps said the findings “bolster” the proof of concept and suggested they “could still prove conservative,” especially if the drug shows effectiveness in ulcerative colitis, MedCity News reports. (MedCity News)
Evercore ISI boosted its price target on Evommune to $55 from $40, maintaining an Outperform rating and calling the Phase 2a results “a solid win.” Analyst Gavin Clark-Gartner also raised the probability of success for the IL-18 program to 50%, highlighting inflammatory bowel disease as a potential additional indication beyond eczema. (Investing)
That’s where the challenge kicks in. Evommune must prove its results replicate across a broader patient pool and varying doses, all while maintaining a strong safety profile and lasting effects—crucial in a field where regulators and payers expect steady, reliable outcomes.
In recent SEC filings, the company revealed that Phase 2b planning for EVO301 is already in motion, with a more comprehensive data set expected at an upcoming medical conference. The presentation also highlighted other key near-term milestones, such as Phase 2b results for its oral MRGPRX2 antagonist EVO756 in chronic spontaneous urticaria, slated for the first half of 2026, followed by Phase 2b data in atopic dermatitis in the latter half. (SEC)
