Alumis (NASDAQ:ALMS) Trading 6.4% Higher – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s stock price traded up 6.4% during trading on Tuesday . The stock traded as high as $28.86 and last traded at $29.0070. 213,909 shares were traded during trading, a decline of 90% from the average session volume of 2,156,024 shares. The stock had previously closed at $27.27.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on ALMS shares. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, May 16th. Guggenheim boosted their price objective on shares of Alumis from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Friday, May 15th. Oppenheimer upped their price objective on shares of Alumis from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, March 30th. Wells Fargo & Company increased their target price on shares of Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, May 15th. Finally, Morgan Stanley reissued an “overweight” rating and set a $39.00 target price on shares of Alumis in a research report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.30.

Alumis Price Performance

The firm has a market capitalization of $3.70 billion, a price-to-earnings ratio of -14.71 and a beta of -0.73. The business has a 50 day moving average of $23.29 and a 200 day moving average of $23.05.

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

Institutional Trading of Alumis

Institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. raised 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 purchasing an additional 4,894 shares in the last quarter. New York State Common Retirement Fund boosted its holdings in Alumis by 173.7% during the second quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock valued at $35,000 after purchasing an additional 7,467 shares in the last quarter. KBC Group NV acquired a new stake in Alumis during the first quarter valued at approximately $42,000. Strs Ohio grew its stake in shares of Alumis by 300.0% in the 1st quarter. Strs Ohio now owns 2,000 shares of the company’s stock valued at $44,000 after purchasing an additional 1,500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Alumis by 26.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,724 shares of the company’s stock valued at $46,000 after purchasing an additional 979 shares during the period.

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.