Alumis (NASDAQ:ALMS) Stock Price Up 5.7% – Time to Buy?

Alumis Inc. (NASDAQ:ALMS) shares rose 5.7% on Friday . The stock traded as high as $28.64 and last traded at $28.78. Approximately 295,097 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 2,138,687 shares. The stock had previously closed at $27.23.

Wall Street Analyst Weigh In

Several brokerages have recently commented on ALMS. Wells Fargo & Company increased their price objective on Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, May 15th. Chardan Capital upped their target price on Alumis from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, May 19th. Wall Street Zen cut Alumis from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Citigroup reissued a “buy” rating on shares of Alumis in a report on Tuesday, May 19th. Finally, Oppenheimer boosted their price target on Alumis from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Alumis currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.30.

Alumis Price Performance

The stock has a market capitalization of $3.64 billion, a PE ratio of -14.39 and a beta of -0.73. The business’s fifty day moving average price is $23.93 and its two-hundred day moving average price is $24.03.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, May 14th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.01). Alumis had a negative return on equity of 88.79% and a negative net margin of 2,825.70%.The firm had revenue of $1.74 million during the quarter, compared to analysts’ expectations of $2.10 million. As a group, equities research analysts anticipate that Alumis Inc. will post -2.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Sanam Pangali sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $28.00, for a total value of $140,000.00. Following the sale, the insider owned 11,111 shares in the company, valued at $311,108. This represents a 31.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 33.70% of the stock is currently owned by corporate insiders.

Institutional Trading of Alumis

Hedge funds and other institutional investors have recently made changes to their positions in the business. Russell Investments Group Ltd. lifted its position in Alumis by 320.9% during the third quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after purchasing an additional 4,894 shares during the period. New York State Common Retirement Fund grew its position in Alumis by 173.7% during the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after purchasing an additional 7,467 shares during the period. KBC Group NV purchased a new position in shares of Alumis during the 1st quarter valued at about $42,000. Strs Ohio lifted its holdings in shares of Alumis by 300.0% in the 1st quarter. Strs Ohio now owns 2,000 shares of the company’s stock valued at $44,000 after buying an additional 1,500 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Alumis by 26.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,724 shares of the company’s stock worth $46,000 after buying an additional 979 shares during the last quarter.

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.