Alumis (NASDAQ:ALMS) Shares Up 8.2% – Here’s What Happened

Alumis Inc. (NASDAQ:ALMS) shares shot up 8.2% during trading on Friday . The stock traded as high as $22.15 and last traded at $22.6060. 81,682 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 2,199,926 shares. The stock had previously closed at $20.90.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALMS. Chardan Capital raised their target price on Alumis from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. Raymond James Financial began coverage on Alumis in a research note on Tuesday, March 10th. They issued a “strong-buy” rating and a $46.00 target price for the company. Oppenheimer raised their target price on Alumis from $50.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Citigroup reaffirmed a “buy” rating on shares of Alumis in a research report on Tuesday, May 19th. Finally, Guggenheim raised their price target on shares of Alumis from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $40.30.

Alumis Trading Up 11.9%

The firm has a market cap of $2.98 billion, a P/E ratio of -11.78 and a beta of -0.56. The company’s 50-day moving average is $22.82 and its two-hundred day moving average is $21.17.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.01). Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%. The business had revenue of $1.74 million during the quarter, compared to the consensus estimate of $2.10 million. Research analysts anticipate that Alumis Inc. will post -2.87 EPS for the current fiscal year.

Hedge Funds Weigh In On Alumis

Several hedge funds have recently modified their holdings of ALMS. MPM Bioimpact LLC bought a new position in shares of Alumis during the 4th quarter worth approximately $23,443,000. Janus Henderson Group PLC bought a new position in shares of Alumis during the 1st quarter worth approximately $46,790,000. Orbimed Advisors LLC bought a new position in shares of Alumis during the 2nd quarter worth approximately $5,779,000. Woodline Partners LP lifted its position in shares of Alumis by 809.7% during the 3rd quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after buying an additional 1,558,660 shares in the last quarter. Finally, Samsara Biocapital LLC lifted its position in shares of Alumis by 47.0% during the 2nd quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company’s stock worth $14,404,000 after buying an additional 1,534,872 shares in 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.