Alumis (NASDAQ:ALMS) Stock Jumps 5% – Here’s What Happened

Shares of Alumis Inc. (NASDAQ:ALMS) rose 5% during mid-day trading on Wednesday. The company traded as high as $6.79 and last traded at $6.9750. Approximately 286,148 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 2,232,754 shares. The stock had previously closed at $6.64.

Analysts Set New Price Targets

A number of analysts have recently commented on ALMS shares. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alumis in a research note on Wednesday, September 16th. Wells Fargo & Company cut their target price on shares of Alumis from $51.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. HC Wainwright reaffirmed a “buy” rating on shares of Alumis in a research note on Monday, October 5th. Weiss Ratings downgraded shares of Alumis from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Finally, Morgan Stanley cut their price objective on Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Alumis has an average rating of “Moderate Buy” and an average target price of $33.27.

Alumis Price Performance

The stock has a 50-day moving average of $10.18 and a 200-day moving average of $21.47.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.34). Alumis had a negative net margin of 5,933.46% and a negative return on equity of 93.15%. The firm had revenue of $1.66 million for the quarter, compared to analysts’ expectations of $3.65 million. As a group, analysts expect that Alumis Inc. will post -2.95 EPS for the current fiscal year.

Insider Activity at Alumis

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of Alumis stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the transaction, the director owned 2,025,493 shares of the company’s stock, valued at $21,368,951.15. The trade was a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider David Goldstein sold 2,596 shares of the business’s stock in a transaction 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 completion of the transaction, 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 SEC filing for this sale provides additional information. Insiders have sold 111,084 shares of company stock worth $1,408,493 in the last 90 days. Insiders own 33.70% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Alumis in the 2nd quarter valued at $231,259,000. venBio Partners LLC acquired a new stake in Alumis during the 2nd quarter worth about $127,429,401. Jupiter Topco LLC acquired a new position in shares of Alumis in the 2nd quarter valued at about $66,238,000. Octagon Capital Advisors LP grew its holdings in Alumis by 11.9% during the first quarter. Octagon Capital Advisors LP now owns 2,830,700 shares of the company’s stock worth $62,360,000 after acquiring an additional 300,000 shares during the period. Finally, Janus Henderson Group PLC purchased a new position in shares of Alumis during the 1st quarter valued at approximately $46,790,000.

About Alumis

Alumis (NASDAQ: ALMS) is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company’s research is centered on selective modulation of the immune system, with the goal of providing effective, convenient treatments that may address conditions inadequately served by existing therapies.

Its lead product candidate, ESK-001, is an investigational oral allosteric tyrosine kinase 2 (TYK2) inhibitor designed to selectively regulate signaling pathways involved in inflammatory and autoimmune diseases.