Alumis (NASDAQ:ALMS) Shares Gap Down – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $21.81, but opened at $9.93. Alumis shares last traded at $10.0690, with a volume of 5,638,520 shares.

Analysts Set New Price Targets

ALMS has been the subject of several analyst reports. Wall Street Zen raised Alumis from a “strong sell” rating to a “hold” rating in a report on Sunday, August 23rd. Morgan Stanley restated an “overweight” rating and issued a $39.00 price target on shares of Alumis in a research report on Friday, May 15th. Citigroup reaffirmed a “neutral” rating on shares of Alumis in a research note on Monday, August 17th. HC Wainwright reaffirmed a “neutral” rating and set a $25.00 price objective on shares of Alumis in a research report on Friday, August 14th. Finally, Chardan Capital increased their price objective on shares of Alumis from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $40.30.

Alumis Stock Performance

The company has a market cap of $1.19 billion, a price-to-earnings ratio of -2.40 and a beta of -0.69. The business has a fifty day moving average price of $26.50 and a 200 day moving average price of $25.05.

Alumis (NASDAQ:ALMS) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.34). The business had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. Alumis had a negative net margin of 5,933.46% and a negative return on equity of 93.15%. As a group, equities analysts anticipate that Alumis Inc. will post -2.95 EPS for the current year.

Insiders Place Their Bets

In other news, CFO John R. Schroer sold 3,282 shares of the company’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $86,546.34. Following the completion of the transaction, the chief financial officer directly owned 24,718 shares in the company, valued at approximately $651,813.66. This represents a 11.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark Christopher Bradley sold 2,572 shares of the stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $67,823.64. Following the completion of the transaction, the insider owned 48,533 shares of the company’s stock, valued at $1,279,815.21. The trade was a 5.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,953 shares of company stock worth $534,311 over the last 90 days. Insiders own 33.70% of the company’s stock.

Hedge Funds Weigh In On Alumis

A number of institutional investors and hedge funds have recently bought and sold shares of the company. KBC Group NV bought a new position in Alumis in the first quarter valued at about $42,000. Strs Ohio grew its holdings in shares of Alumis by 300.0% during the first quarter. Strs Ohio now owns 2,000 shares of the company’s stock worth $44,000 after purchasing an additional 1,500 shares during the last quarter. State of Wyoming bought a new stake in shares of Alumis during the first quarter worth about $57,000. EverSource Wealth Advisors LLC increased its stake in shares of Alumis by 600.4% in the first quarter. EverSource Wealth Advisors LLC now owns 3,131 shares of the company’s stock valued at $69,000 after buying an additional 2,684 shares during the period. Finally, Assetmark Inc. acquired a new position in shares of Alumis in the first quarter valued at approximately $92,000.

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.