Alumis (NASDAQ:ALMS) Stock Falls 5.9% – Here’s Why

Alumis Inc. (NASDAQ:ALMS) shares dropped 5.9% on Friday. The stock traded as low as $6.79 and last traded at $6.7850. Approximately 1,187,589 shares were traded during trading, a decline of 47% from the average daily volume of 2,253,851 shares. The stock had previously closed at $7.21.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on ALMS shares. Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research note on Wednesday, September 16th. Oppenheimer lowered their price target on shares of Alumis from $55.00 to $37.00 and set an “outperform” rating on the stock in a report on Wednesday, September 2nd. HC Wainwright raised Alumis from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $25.00 to $15.00 in a report on Wednesday, September 2nd. Robert W. Baird set a $27.00 target price on Alumis in a research report on Tuesday, September 1st. Finally, Guggenheim cut Alumis from a “buy” rating to a “neutral” rating in a research report on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.27.

Alumis Stock Performance

The business’s 50 day moving average is $17.80 and its two-hundred day moving average is $22.00. The firm has a market capitalization of $864.72 million, a PE ratio of -1.73 and a beta of -0.36.

Alumis (NASDAQ:ALMS) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.34). The company had revenue of $1.66 million for 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 predict that Alumis Inc. will post -2.95 EPS for the current year.

Insider Buying and Selling at Alumis

In related news, insider Sanam Pangali sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $28.00, for a total transaction of $140,000.00. Following the completion of the transaction, the insider owned 11,111 shares of the company’s stock, valued at approximately $311,108. The trade was a 31.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David M. Goldstein sold 2,596 shares of the company’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total transaction of $68,456.52. Following the sale, the insider directly owned 30,970 shares in the company, valued at $816,678.90. This trade represents a 7.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 116,084 shares of company stock worth $1,548,493. 33.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Integrated Wealth Concepts LLC bought a new stake in Alumis during the second quarter valued at $33,000. Corient Private Wealth LP raised its holdings in shares of Alumis by 88.1% in the 2nd quarter. Corient Private Wealth LP now owns 35,144 shares of the company’s stock valued at $989,000 after acquiring an additional 16,458 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Alumis during the 2nd quarter valued at about $422,000. Moore Capital Management LP boosted its position in shares of Alumis by 230.7% during the 2nd quarter. Moore Capital Management LP now owns 136,803 shares of the company’s stock valued at $3,850,000 after acquiring an additional 95,433 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Alumis by 36.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 112,129 shares of the company’s stock worth $3,155,000 after purchasing an additional 30,055 shares in the last quarter.

Alumis Company Profile

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company’s research centers on selective allosteric inhibitors of tyrosine kinase 2 (TYK2), a protein involved in signaling pathways that regulate inflammation and immune responses.

Alumis’ lead product candidate is ESK-001, an oral, highly selective TYK2 inhibitor being evaluated in inflammatory and autoimmune conditions, including plaque psoriasis, psoriatic arthritis and systemic lupus erythematosus.