Evommune IPO: how to trade Evommune share CFDs

IPO stocks are often highly volatile, and early trading can involve rapid price swings and significant risk.

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When did the Evommune IPO take place?

Evommune successfully completed its initial public offering (IPO) on the New York Stock Exchange (NYSE) under the ticker symbol 'EVMN' on 6 November 2025, and listed on 7 November 2025.

The company raised approximately $150 million by selling about 9.38 million shares at $16 per share, pricing at the midpoint of its expected range. Underwriters were granted a 30-day option to purchase an additional 1.4 million shares. On its first day of trading, Evommune shares opened at $17.25 and closed at $20.23 – up 26% from the IPO price – giving the firm a market capitalisation exceeding $600 million.

The strong debut was viewed as a positive signal for the biotech IPO market, which had seen limited activity during 2025.

Scale and offering structure

Evommune offered 9,375,000 shares at $16 each, with gross proceeds of around $150 million before fees and expenses. The IPO was managed by Morgan Stanley, Leerink Partners, Evercore ISI, and Cantor Fitzgerald.

Proceeds are being used to fund Phase 2 clinical trials for the company’s two lead drug candidates – EVO756 and EVO301 – as well as to strengthen its operational capabilities and support expansion into additional indications.

Major shareholders include EQT Life Sciences and RA Capital Management, among Evommune’s largest pre-IPO investors.

Market environment

Evommune was one of only a small number of biotech firms to complete an IPO in 2025, amid cautious investor sentiment in the sector. Despite a selective market, the company’s focus on chronic inflammatory and immune-mediated diseases helped attract strong institutional demand.

The deal’s success reflected renewed confidence in immunology and dermatology-focused biotechs, particularly those developing differentiated mechanisms or oral alternatives to injectable biologics.

Why IPO now?

Evommune is at a pivotal clinical stage:

• Two Phase 2 programmes are active. The company is running mid-stage trials for EVO756, with top-line data in chronic inducible urticaria expected in the first half of 2026, and results in atopic dermatitis anticipated later that year. Its second candidate, EVO301, is in a Phase 2 study in atopic dermatitis, with trials in ulcerative colitis expected to begin in 2026.
• Broader mechanism potential. Both programmes target immune pathways that extend beyond dermatology. EVO756 (an MRGPRX2 inhibitor) and EVO301 (an IL-18 blocker) may also be applied to autoimmune and inflammatory gastrointestinal diseases.
• Use of proceeds. Funds raised through the IPO are intended to advance these mid-stage trials, explore additional indications, and build out the company’s clinical and operational infrastructure.
• Market timing. The listing comes amid a selective reopening of the biotech IPO window. With investors showing renewed interest in high-potential immunology assets, Evommune’s successful debut demonstrates growing confidence in late-stage biotech development.

What is Evommune?

Evommune Inc. is a clinical-stage biotechnology company developing oral therapies for chronic inflammatory and immune-mediated diseases. Founded in 2020, the company operates out of Palo Alto, California, and seeks to create more accessible alternatives to injectable biologics currently dominating immunology markets.

Therapeutic focus

Evommune develops oral medicines that calm the overactive immune responses behind chronic skin and inflammatory diseases. By focusing on how specific immune cells and signals drive flare-ups, the company aims to offer treatments that are both effective and easier to take than injectable biologics.

Key drug candidates

EVO756 is Evommune’s lead drug, taken as a pill to treat chronic inducible urticaria and atopic dermatitis. It works by blocking a receptor that triggers inflammation in mast cells and sensory nerves – a different and potentially faster-acting approach than injectable drugs like Xolair or Dupixent.

EVO301 targets a protein called IL-18, which plays a role in several inflammatory diseases. Licensed from South Korea’s AprilBio in 2024, it’s now in Phase 2 testing for atopic dermatitis, with plans to explore ulcerative colitis and other immune conditions next.

Together, the two programmes reflect Evommune’s broader goal: to deliver convenient, targeted treatments for patients who don’t fully respond to existing therapies.

Platform and pipeline potential

Evommune’s strategy extends beyond dermatology. Both its drug mechanisms – MRGPRX2 and IL-18 – have potential applications across multiple inflammatory diseases, from autoimmune bowel disorders to respiratory hypersensitivity.

By focusing on oral small molecules and antibodies with systemic reach, Evommune aims to challenge the biologic-dominated landscape of immune disease treatment.

How does Evommune make money?

Evommune had revenues of around $3m in the 12 months ending June 30, 2025.

What might influence the Evommune stock price?

Evommune’s post-listing performance will depend on its clinical progress, financial management and overall market sentiment towards biotech equities.

Clinical and regulatory progress

Trial outcomes are expected to be the most powerful drivers of valuation. Evommune has two Phase 2 programmes underway:

• EVO756, targeting MRGPRX2, is being studied in chronic spontaneous urticaria (CSU) and atopic dermatitis (AD), with top-line data from the CSU trial expected in the first half of 2026.
• EVO301, targeting IL-18, is in a Phase 2 study for AD, with results expected later.

Positive efficacy or safety results could enhance investor confidence, while delays or setbacks may weigh on the share price. Regulatory milestones, such as fast-track or breakthrough designations, could also influence short-term movement.

Competitive positioning

Evommune operates in a market defined by blockbuster drugs such as Dupixent (Sanofi/Regeneron) and Xolair (Roche/Novartis). While those treatments dominate the space, they have limitations, particularly in patients who do not respond to or tolerate biologics.

Evommune’s edge lies in its oral administration and novel mechanisms that act earlier in the inflammatory cascade. If clinical results confirm meaningful improvements in response rates or convenience, the company could carve out a strong market niche. However, it will also compete against emerging rivals pursuing similar receptor or cytokine targets, and any clinical setbacks for comparable drugs in the class could dampen sentiment sector-wide.

Financial and operational factors

Although Evommune raised $150 million in its IPO, it remains dependent on external capital for development. Investors will monitor how efficiently it allocates funds towards R&D and its clinical milestones.

Strategic collaborations or licensing agreements with established pharmaceutical companies could strengthen its financial outlook and validate its pipeline.

Broader biotech market dynamics

Evommune’s debut will take place against the backdrop of a selectively recovering Evommune’s debut took place during a selective recovery in the biotech IPO market. Investor sentiment towards clinical-stage companies is improving but remains cautious, focusing on differentiated assets with credible mid-term catalysts.

External conditions such as interest-rate trends, sector rotation, and volatility in benchmark indices (including the Nasdaq Biotechnology Index) will also affect investor appetite.

If Evommune maintains momentum from its strong debut and delivers promising clinical updates, it could attract sustained institutional interest. However, as with most biotech listings, its share price is likely to remain volatile.

You can keep your finger on the pulse of the markets with expert insight from our in-house analysts. Check out our news and analysis section for more.

How to trade Evommune shares via CFDs

Following its NYSE debut, traders can speculate on Evommune’s price movements via contracts for difference (CFDs) – without owning the underlying stock.

How to get started

• Step 1: Choose a platform Use a trusted broker like Capital.com, offering access to thousands of shares, indices and more.
• Step 2: Open an account Provide your personal details, verify your identity, complete a short suitability questionnaire, and set your trading preferences.
• Step 3: Add funds Deposit using card or bank transfer. Start small, and manage your risk carefully.
• Step 4: Track Evommune’s performance Use charts, technical indicators and price alerts to monitor the market and spot trading opportunities.
• Step 5: Go long or short with CFDs Think the price will rise? Go long. Expect a drop? Go short. Apply stop-loss* or take-profit levels to manage your trades.

IPOs can be volatile, especially in the early days of trading. CFDs give you the flexibility to act on price swings in either direction. However, CFDs are traded on margin. Leverage above 1:1 magnifies losses and gains, which amplifies risk. Always use risk-management tools and stay informed with expert insights available on the Capital.com platform and app.

*Standard stop-losses are not guaranteed. Guaranteed stop-losses incur a fee when activated.

Which biotech and immunology stocks can I trade?

Evommune (EVMN) – the Palo Alto-based biotech developing oral therapies for chronic inflammatory and immune-mediated diseases, now listed on the New York Stock Exchange following its November 2025 IPO.

Traders can also explore other biotech and immunology-focused share CFDs available on Capital.com:

• Regeneron (REGN) – developer of Dupixent, a leading biologic for eczema and asthma.
• Sanofi (SAN) – global pharmaceutical company with strong immunology portfolio.
• Incyte (INCY) – oncology and immunology biotech with overlapping mechanistic research.
• Amgen (AMGN) – developer of biologics and biosimilars in immune-mediated disease.
• Arcutis Biotherapeutics (ARQT) – dermatology-focused biotech targeting inflammation pathways.

These stocks offer exposure to similar market dynamics – the ongoing evolution of immune and inflammatory disease treatments.

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