Alumis (NASDAQ:ALMS) Shares Gap Up on Insider Buying Activity

Alumis Inc. (NASDAQ:ALMS)’s stock price gapped up prior to trading on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $5.57, but opened at $5.95. Alumis shares last traded at $5.97, with a volume of 194,647 shares traded.

Specifically, Director Srinivas Akkaraju bought 276,179 shares of Alumis stock in a transaction dated Thursday, November 13th. The shares were acquired at an average cost of $5.25 per share, with a total value of $1,449,939.75. Following the completion of the transaction, the director owned 276,179 shares in the company, valued at approximately $1,449,939.75. This trade represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Alumis in a research note on Thursday. Wall Street Zen lowered Alumis from a “hold” rating to a “sell” rating in a research report on Saturday. Wells Fargo & Company started coverage on Alumis in a research note on Friday, July 25th. They issued an “overweight” rating and a $17.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $14.00 price objective on shares of Alumis in a research note on Thursday, August 14th. Finally, Morgan Stanley dropped their price objective 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Alumis Trading Up 6.4%

The firm has a market cap of $616.76 million, a PE ratio of -1.26 and a beta of -1.35. The company’s 50-day moving average is $4.52 and its 200 day moving average is $4.20.

Alumis (NASDAQ:ALMS) last announced its earnings results on Thursday, November 13th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.14). The business had revenue of $2.07 million for the quarter, compared to the consensus estimate of $3.14 million. On average, research analysts predict that Alumis Inc. will post -8.51 EPS for the current fiscal year.

Institutional Investors Weigh In On Alumis

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

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.