Evommune tumbles after eczema drug fails mid-stage trial goal
BUZZ-Evommune tumbles after eczema drug fails mid-stage trial goal ** Shares of Evommune fall 16.7% to $10.89 premarket
** The drug developer said late Tuesday it would not advance its experimental skin disease drug after it failed to meet the main goal in a mid-stage trial
** Its drug, EVO756, did not show a meaningful percent change in a scale that measures the severity of eczema when tested in patients with atopic dermatitis (AD)
** AD is a chronic, inflammatory skin condition that causes dry, red, itchy and irritated patches of skin
** Co said it will continue to develop EVO756 for migraine prevention
** RBC says "Failure of '756 in AD is disappointing, though after the lack of signals in the chronic spontaneous urticaria data, we believe expectations were low going in, and we had assumed a relatively niche potential opportunity for the drug upon success"
** As of last close, stock down 23.6% YTD
(Reporting by Siddhi Mahatole)