Alumis (NASDAQ:ALMS) Shares Down 5.2% – Here’s Why

Shares of Alumis Inc. (NASDAQ:ALMS) fell 5.2% on Friday . The company traded as low as $9.50 and last traded at $9.3850. Approximately 360,084 shares changed hands during trading, a decline of 83% from the average session volume of 2,180,635 shares. The stock had previously closed at $9.90.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALMS. Morgan Stanley reduced their price objective on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Oppenheimer dropped their price target on Alumis from $55.00 to $37.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 2nd. Wells Fargo & Company cut their price objective on shares of Alumis from $51.00 to $25.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 2nd. Wall Street Zen downgraded Alumis from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Finally, Guggenheim downgraded shares of Alumis from a “buy” rating to a “neutral” rating in a research note on Thursday, September 3rd. 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 MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $33.27.

Alumis Stock Performance

The firm has a market cap of $1.20 billion, a P/E ratio of -2.40 and a beta of -0.81. The firm’s fifty day moving average is $23.99 and its 200 day moving average is $24.11.

Alumis (NASDAQ:ALMS) last released its quarterly earnings results 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 company had revenue of $1.66 million during the quarter, compared to the consensus estimate 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 research analysts forecast that Alumis Inc. will post -2.95 EPS for the current year.

Insider Buying and Selling

In other news, Director Srinivas Akkaraju bought 546,581 shares of the stock in a transaction dated Tuesday, September 8th. The shares were bought at an average price of $10.63 per share, for a total transaction of $5,810,156.03. Following the completion of the purchase, the director owned 4,937,026 shares in the company, valued at approximately $52,480,586.38. This trade represents a 12.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John Schroer sold 3,282 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $86,546.34. Following the sale, the chief financial officer directly owned 24,718 shares of the company’s stock, valued at approximately $651,813.66. The trade was a 11.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 116,084 shares of company stock valued at $1,548,493 in the last ninety days. 33.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alumis

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Alumis in the second quarter valued at about $231,259,000. venBio Partners LLC acquired a new stake in Alumis in the 2nd quarter worth about $127,429,401. MPM Bioimpact LLC acquired a new stake in Alumis in the 4th quarter worth about $23,443,000. Jupiter Topco LLC bought a new stake in Alumis in the 2nd quarter valued at about $66,238,000. Finally, California State Teachers Retirement System boosted its holdings in Alumis by 2,643.4% in the 2nd quarter. California State Teachers Retirement System now owns 2,217,939 shares of the company’s stock valued at $62,413,000 after purchasing an additional 2,137,094 shares during the period.

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.