Alumis (NASDAQ:ALMS) Shares Gap Down Following Analyst Downgrade

Alumis Inc. (NASDAQ:ALMS) shares gapped down before the market opened on Friday after HC Wainwright downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $24.63, but opened at $22.55. HC Wainwright now has a $25.00 price target on the stock. Alumis shares last traded at $24.0650, with a volume of 91,057 shares traded.

Other equities research analysts have also issued reports about the company. Stifel Nicolaus began coverage on Alumis in a research report on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target for the company. Morgan Stanley upped their target price on Alumis from $33.00 to $38.00 and gave the company an “overweight” rating in a report on Friday, March 20th. Chardan Capital reaffirmed a “buy” rating and issued a $38.00 target price on shares of Alumis in a research note on Monday, March 30th. Raymond James Financial initiated coverage on shares of Alumis in a research report on Tuesday, March 10th. They set a “strong-buy” rating and a $46.00 price target on the stock. Finally, Loop Capital set a $37.00 price objective on shares of Alumis in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Alumis has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

Institutional Trading of Alumis

Institutional investors and hedge funds have recently bought and sold shares of the stock. Samsara Biocapital LLC lifted its position in Alumis by 19.9% in the fourth quarter. Samsara Biocapital LLC now owns 5,756,984 shares of the company’s stock valued at $56,188,000 after buying an additional 955,614 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Alumis by 18.4% during the third quarter. Vanguard Group Inc. now owns 4,029,615 shares of the company’s stock valued at $16,078,000 after acquiring an additional 625,404 shares during the last quarter. Cormorant Asset Management LP raised its stake in shares of Alumis by 69.3% in the 4th quarter. Cormorant Asset Management LP now owns 3,635,596 shares of the company’s stock valued at $35,483,000 after acquiring an additional 1,488,200 shares during the period. MPM Bioimpact LLC acquired a new position in shares of Alumis in the 4th quarter worth approximately $23,443,000. Finally, Orbimed Advisors LLC acquired a new position in shares of Alumis in the 2nd quarter worth approximately $5,779,000.

Alumis Stock Performance

The stock’s 50-day moving average is $24.56 and its two-hundred day moving average is $18.95. The stock has a market cap of $3.02 billion, a PE ratio of -7.78 and a beta of -0.31.

Alumis (NASDAQ:ALMS) last announced its earnings results on Wednesday, May 13th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.05. Alumis had a negative return on equity of 116.97% and a negative net margin of 1,011.75%.The company had revenue of $1.74 million for the quarter, compared to analyst estimates of $2.49 million. Analysts forecast that Alumis Inc. will post -3.06 EPS for the current year.

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.