Alumis (NASDAQ:ALMS) Stock Price Down 5.4% – Here’s Why

Alumis Inc. (NASDAQ:ALMS) dropped 5.4% during mid-day trading on Wednesday . The company traded as low as $10.81 and last traded at $10.7850. Approximately 174,977 shares traded hands during trading, a decline of 77% from the average daily volume of 749,727 shares. The stock had previously closed at $11.40.

Analyst Ratings Changes

Several brokerages recently weighed in on ALMS. HC Wainwright raised their price target on shares of Alumis from $14.00 to $20.00 and gave the company a “buy” rating in a research report on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Alumis in a report on Monday. Finally, Wall Street Zen upgraded Alumis from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.40.

Alumis Stock Performance

The stock has a market cap of $1.18 billion, a PE ratio of -2.79 and a beta of -1.87. The company’s 50 day simple moving average is $6.90 and its 200 day simple moving average is $4.96.

Alumis (NASDAQ:ALMS) last announced its earnings results on Thursday, November 13th. The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The firm had revenue of $2.07 million during the quarter, compared to analysts’ expectations of $3.14 million. Equities research analysts expect that Alumis Inc. will post -8.51 earnings per share for the current year.

Insiders Place Their Bets

In other Alumis news, major shareholder Foresite Labs, Llc bought 200,000 shares of the stock in a transaction dated Monday, November 17th. The shares were bought at an average cost of $5.59 per share, for a total transaction of $1,118,000.00. Following the purchase, the insider directly owned 2,234,129 shares of the company’s stock, valued at approximately $12,488,781.11. This trade represents a 9.83% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Foresite Capital Management Vi purchased 200,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $5.59 per share, for a total transaction of $1,118,000.00. Following the completion of the acquisition, the insider directly owned 2,234,129 shares in the company, valued at $12,488,781.11. The trade was a 9.83% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 2,788,875 shares of company stock worth $18,352,357 in the last ninety days. Company insiders own 40.70% of the company’s stock.

Institutional Trading of Alumis

Several hedge funds have recently added to or reduced their stakes in the stock. Stoneridge Investment Partners LLC increased its stake in shares of Alumis by 8.1% during the 3rd quarter. Stoneridge Investment Partners LLC now owns 29,535 shares of the company’s stock worth $118,000 after purchasing an additional 2,210 shares during the last quarter. Rhumbline Advisers lifted its stake in Alumis by 21.7% in the first quarter. Rhumbline Advisers now owns 16,543 shares of the company’s stock valued at $102,000 after purchasing an additional 2,949 shares during the last quarter. Corebridge Financial Inc. grew its holdings in Alumis by 53.0% during the first quarter. Corebridge Financial Inc. now owns 10,658 shares of the company’s stock valued at $65,000 after purchasing an additional 3,693 shares during the period. Russell Investments Group Ltd. increased its position in Alumis by 320.9% in the third quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock worth $26,000 after buying an additional 4,894 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Alumis by 64.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,535 shares of the company’s stock worth $77,000 after buying an additional 4,926 shares during the last quarter.

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.