Alumis (NASDAQ:ALMS) Stock Price Up 7.6% After Analyst Upgrade

Shares of Alumis Inc. (NASDAQ:ALMS) traded up 7.6% on Thursday after HC Wainwright upgraded the stock from a neutral rating to a buy rating. HC Wainwright now has a $15.00 price target on the stock, down from their previous price target of $25.00. Alumis traded as high as $11.24 and last traded at $11.1320. Approximately 1,776,832 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 2,107,628 shares. The stock had previously closed at $10.35.

A number of other brokerages have also issued reports on ALMS. Chardan Capital boosted their price target 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. Wells Fargo & Company reduced their target price on Alumis from $51.00 to $25.00 and set an “overweight” rating for the company in a report on Wednesday. Morgan Stanley reissued an “overweight” rating and set a $39.00 price objective on shares of Alumis in a report on Friday, May 15th. Guggenheim raised their price objective on Alumis from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Finally, Citigroup reiterated an “overweight” rating on shares of Alumis in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $33.27.

Insider Transactions at Alumis

In other news, insider David M. Goldstein sold 2,596 shares of Alumis stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $68,456.52. Following the transaction, the insider directly owned 30,970 shares of the company’s stock, valued at $816,678.90. The trade was a 7.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark Christopher Bradley sold 2,572 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $67,823.64. Following the transaction, the insider directly owned 48,533 shares in the company, valued at approximately $1,279,815.21. This trade represents a 5.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 19,953 shares of company stock valued at $534,311 in the last quarter. Insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its stake in Alumis by 2,222.5% during the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company’s stock valued at $1,781,000 after buying an additional 77,364 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Alumis in the 1st quarter worth approximately $1,456,000. The Manufacturers Life Insurance Company increased its holdings in shares of Alumis by 775.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company’s stock valued at $3,407,000 after acquiring an additional 136,973 shares during the last quarter. Swiss National Bank acquired a new stake in shares of Alumis during the 1st quarter valued at approximately $2,815,000. Finally, Elmind Capital LP acquired a new stake in shares of Alumis during the 1st quarter valued at approximately $2,864,000.

Alumis Stock Up 7.6%

The company has a 50 day moving average of $25.91 and a 200-day moving average of $24.82. The stock has a market capitalization of $1.44 billion, a P/E ratio of -2.88 and a beta of -0.81.

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

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.