Alumis (NASDAQ:ALMS) Shares Gap Down Following Weak Earnings

Alumis Inc. (NASDAQ:ALMS) shares gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $5.28, but opened at $4.75. Alumis shares last traded at $5.4750, with a volume of 286,122 shares traded.

The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The business had revenue of $2.07 million for the quarter, compared to analysts’ expectations of $3.14 million.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ALMS. Wells Fargo & Company started coverage on shares of Alumis in a research note on Friday, July 25th. They issued an “overweight” rating and a $17.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Alumis in a research note on Wednesday, October 8th. Wall Street Zen upgraded Alumis from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. HC Wainwright reaffirmed a “buy” rating and set a $14.00 price target on shares of Alumis in a report on Thursday, August 14th. Finally, Morgan Stanley decreased their target price on Alumis from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 15th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp raised its stake in shares of Alumis by 37.0% during the first quarter. Bank of New York Mellon Corp now owns 42,403 shares of the company’s stock worth $260,000 after buying an additional 11,453 shares during the last quarter. Towerview LLC raised its position in shares of Alumis by 3.6% in the 1st quarter. Towerview LLC now owns 430,000 shares of the company’s stock valued at $2,640,000 after acquiring an additional 15,000 shares during the period. BML Capital Management LLC bought a new stake in Alumis in the first quarter valued at approximately $305,000. Charles Schwab Investment Management Inc. increased its stake in Alumis by 12.7% in the first quarter. Charles Schwab Investment Management Inc. now owns 127,854 shares of the company’s stock valued at $785,000 after purchasing an additional 14,453 shares in the last quarter. Finally, Invesco Ltd. bought a new position in shares of Alumis during the first quarter worth $164,000.

Alumis Trading Up 4.3%

The company has a market cap of $572.85 million, a price-to-earnings ratio of -1.17 and a beta of -1.33. The firm’s fifty day moving average price is $4.47 and its 200-day moving average price is $4.18.

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.