Alumis (NASDAQ:ALMS) Stock Price Down 5.2% – Here’s Why

Alumis Inc. (NASDAQ:ALMS) shares were down 5.2% during mid-day trading on Thursday . The company traded as low as $11.38 and last traded at $11.4810. Approximately 513,567 shares traded hands during trading, a decline of 31% from the average daily volume of 749,580 shares. The stock had previously closed at $12.11.

Analyst Ratings Changes

ALMS has been the topic of several research reports. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 target price on shares of Alumis in a research report on Thursday, August 14th. Morgan Stanley lowered their price target on Alumis from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, August 15th. Wall Street Zen upgraded Alumis from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alumis in a research note on Monday. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.20.

Alumis Price Performance

The company has a market cap of $1.21 billion, a price-to-earnings ratio of -2.87 and a beta of -1.87. The firm has a fifty day simple moving average of $5.93 and a 200 day simple moving average of $4.61.

Alumis (NASDAQ:ALMS) last posted its quarterly earnings data on Thursday, November 13th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.14). The company had revenue of $2.07 million for the quarter, compared to analyst estimates of $3.14 million. Analysts expect that Alumis Inc. will post -8.51 earnings per share for the current year.

Insider Activity

In other Alumis news, Director Srinivas Akkaraju bought 186,377 shares of the stock in a transaction on Friday, December 5th. The shares were purchased at an average price of $9.84 per share, with a total value of $1,833,949.68. Following the acquisition, the director directly owned 1,265,253 shares of the company’s stock, valued at $12,450,089.52. This represents a 17.28% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Foresite Capital Management Vi purchased 190,500 shares of the company’s stock in a transaction on Wednesday, November 19th. The stock was acquired at an average cost of $6.56 per share, for a total transaction of $1,249,680.00. Following the completion of the transaction, the insider owned 2,542,003 shares in the company, valued at approximately $16,675,539.68. This trade represents a 8.10% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 2,788,875 shares of company stock valued at $18,352,357. 40.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Alumis

Several hedge funds have recently modified their holdings of the business. Russell Investments Group Ltd. boosted its holdings in Alumis by 320.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after purchasing an additional 4,894 shares during the period. CWM LLC increased its holdings in shares of Alumis by 1,028.7% during the 3rd quarter. CWM LLC now owns 10,384 shares of the company’s stock worth $41,000 after purchasing an additional 9,464 shares during the period. Kera Capital Partners Inc. acquired a new position in shares of Alumis during the second quarter valued at about $32,000. Corebridge Financial Inc. lifted its stake in shares of Alumis by 53.0% in the first quarter. Corebridge Financial Inc. now owns 10,658 shares of the company’s stock valued at $65,000 after buying an additional 3,693 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Alumis by 199.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock valued at $32,000 after buying an additional 7,165 shares during the period.

Alumis Company Profile

Our mission is to significantly improve the lives of patients by replacing broad immunosuppression with targeted therapies. Our name, Alumis, captures our mission to enlighten immunology, and is inspired by the words “allumer”-French for illuminate-and “immunis”-Latin for the immune system. We are a clinical stage biopharmaceutical company with an initial focus on developing our two Tyrosine Kinase 2 (TYK2) inhibitors: ESK-001, a second-generation inhibitor that we are developing to maximize target inhibition and optimize tolerability, and A-005, a central nervous system (CNS) penetrant molecule.