Alumis (NASDAQ:ALMS) Sets New 12-Month High – What’s Next?

Alumis Inc. (NASDAQ:ALMS)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $29.00 and last traded at $28.92, with a volume of 659484 shares trading hands. The stock had previously closed at $27.51.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Citigroup restated an “outperform” rating on shares of Alumis in a research report on Tuesday, January 6th. Morgan Stanley boosted their target price on shares of Alumis from $22.00 to $33.00 and gave the company an “overweight” rating in a research note on Wednesday, January 7th. HC Wainwright reissued a “buy” rating and set a $40.00 target price (up from $20.00) on shares of Alumis in a research report on Friday, January 9th. UBS Group reaffirmed an “outperform” rating on shares of Alumis in a report on Tuesday, January 6th. Finally, Wall Street Zen upgraded Alumis from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Ten investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Alumis presently has an average rating of “Moderate Buy” and an average price target of $37.50.

Alumis Price Performance

The firm’s 50 day moving average price is $20.34 and its two-hundred day moving average price is $10.57. The stock has a market cap of $2.92 billion, a PE ratio of -6.91 and a beta of -2.06.

Insider Buying and Selling at Alumis

In other news, major shareholder Foresite Labs, Llc purchased 411,764 shares of the stock in a transaction dated Thursday, January 8th. The shares were purchased at an average cost of $17.00 per share, with a total value of $6,999,988.00. Following the completion of the acquisition, the insider owned 5,702,536 shares in the company, valued at $96,943,112. This represents a 7.78% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Srinivas Akkaraju acquired 588,235 shares of Alumis stock in a transaction that occurred on Friday, January 9th. The shares were purchased at an average cost of $17.00 per share, with a total value of $9,999,995.00. Following the purchase, the director owned 1,853,488 shares of the company’s stock, valued at $31,509,296. This represents a 46.49% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 2,445,520 shares of company stock valued at $36,184,487 over the last 90 days. 40.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position in shares of 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 buying an additional 4,894 shares in the last quarter. Police & Firemen s Retirement System of New Jersey increased its position in shares of Alumis by 199.7% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock worth $32,000 after purchasing an additional 7,165 shares during the last quarter. New York State Common Retirement Fund raised its stake in Alumis by 173.7% in 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. Western Wealth Management LLC purchased a new stake in Alumis in the second quarter valued at approximately $36,000. Finally, ProShare Advisors LLC bought a new stake in Alumis during the second quarter valued at approximately $40,000.

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.