Alumis (NASDAQ:ALMS) Shares Down 7.9% – Should You Sell?

Alumis Inc. (NASDAQ:ALMS) dropped 7.9% during trading on Thursday . The stock traded as low as $22.03 and last traded at $22.1050. Approximately 330,237 shares were traded during mid-day trading, a decline of 83% from the average session volume of 1,953,022 shares. The stock had previously closed at $23.99.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup reissued a “neutral” rating on shares of Alumis in a research report on Monday. HC Wainwright reiterated a “neutral” rating and set a $25.00 target price on shares of Alumis in a research note on Friday, August 14th. Wells Fargo & Company increased their price target on shares of Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, May 15th. Chardan Capital raised their price target on shares of Alumis from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, May 19th. Finally, Morgan Stanley restated an “overweight” rating and set a $39.00 price objective on shares of Alumis in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.30.

Alumis Trading Down 7.3%

The company has a market cap of $2.83 billion, a price-to-earnings ratio of -5.76 and a beta of -0.69. The company has a fifty day moving average price of $26.49 and a two-hundred day moving average price of $25.22.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, August 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.34). Alumis had a negative net margin of 5,933.46% and a negative return on equity of 93.15%. The firm had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. Sell-side analysts anticipate that Alumis Inc. will post -2.95 EPS for the current fiscal year.

Insider Activity at Alumis

In other news, insider Roy C. Hardiman sold 2,692 shares of Alumis stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $70,988.04. Following the sale, the insider directly owned 207,746 shares in the company, valued at approximately $5,478,262.02. The trade was a 1.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Sanam Pangali sold 5,000 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $28.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider directly owned 11,111 shares in the company, valued at approximately $311,108. The trade was a 31.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 19,953 shares of company stock worth $534,311 in the last ninety days. Company insiders own 33.70% of the company’s stock.

Hedge Funds Weigh In On Alumis

Hedge funds and other institutional investors have recently modified their holdings of the stock. Moore Capital Management LP boosted its stake in Alumis by 230.7% in the 2nd quarter. Moore Capital Management LP now owns 136,803 shares of the company’s stock valued at $3,850,000 after buying an additional 95,433 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Alumis by 36.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 112,129 shares of the company’s stock valued at $3,155,000 after acquiring an additional 30,055 shares during the period. venBio Partners LLC acquired a new position in Alumis during the second quarter worth $127,429,401,000. Capstone Investment Advisors LLC acquired a new position in Alumis during the second quarter worth $237,000. Finally, Corient Private Wealth LP bought a new position in shares of Alumis during the second quarter valued at $997,000.

About Alumis

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.