Alumis (NASDAQ:ALMS) Trading Down 3.5% – Here’s What Happened

Shares of Alumis Inc. (NASDAQ:ALMS) traded down 3.5% during trading on Tuesday . The stock traded as low as $25.05 and last traded at $25.2750. 135,214 shares traded hands during mid-day trading, a decline of 96% from the average session volume of 3,276,287 shares. The stock had previously closed at $26.20.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on ALMS. Raymond James Financial began coverage on Alumis in a research report on Tuesday, March 10th. They set a “strong-buy” rating and a $46.00 price objective for the company. Stifel Nicolaus initiated coverage on shares of Alumis in a research note on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target on the stock. Wells Fargo & Company upped their target price on Alumis from $17.00 to $39.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Leerink Partners boosted their price target on Alumis from $20.00 to $32.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Finally, HC Wainwright restated a “buy” rating and set a $40.00 price target (up from $20.00) on shares of Alumis in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alumis presently has an average rating of “Moderate Buy” and a consensus target price of $39.00.

Alumis Price Performance

The company’s 50-day simple moving average is $25.83 and its 200-day simple moving average is $13.26. The stock has a market capitalization of $2.73 billion, a P/E ratio of -6.47 and a beta of -2.16.

Insider Activity at Alumis

In related news, Director James B. Tananbaum purchased 411,764 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were acquired at an average price of $17.00 per share, for a total transaction of $6,999,988.00. Following the purchase, the director owned 5,702,536 shares in the company, valued at approximately $96,943,112. This represents a 7.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Foresite Labs, Llc acquired 411,764 shares of Alumis stock in a transaction dated Thursday, January 8th. The shares were purchased at an average price of $17.00 per share, with a total value of $6,999,988.00. Following the acquisition, the insider owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. This trade represents a 7.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have purchased 1,823,527 shares of company stock worth $30,999,959. 40.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alumis

Hedge funds have recently added to or reduced their stakes in the company. Virtu Financial LLC purchased a new stake in Alumis in the fourth quarter worth $491,000. Invesco Ltd. lifted its position in Alumis by 225.6% during the 4th quarter. Invesco Ltd. now owns 421,819 shares of the company’s stock valued at $4,117,000 after acquiring an additional 292,250 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of Alumis in the fourth quarter worth approximately $146,000. Virtus Investment Advisers LLC bought a new stake in shares of Alumis during the fourth quarter valued at approximately $226,000. Finally, Wellington Management Group LLP raised its holdings in Alumis by 2.2% in the 4th quarter. Wellington Management Group LLP now owns 169,093 shares of the company’s stock worth $1,650,000 after acquiring an additional 3,590 shares during the last quarter.

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.