Wells Fargo & Company Begins Coverage on Alumis (NASDAQ:ALMS)

Key Points

• Wells Fargo & Company initiated coverage of Alumis (NASDAQ:ALMS) with an "overweight" rating and a price target of $17.00, implying a potential upside of 329.18% from the stock's previous close.
• Other analysts, including Guggenheim and HC Wainwright, have given buy ratings with price targets ranging from $14.00 to $18.00, with a consensus average target of $19.80.
• Alumis' stock increased by 2.6% to reach $3.96 during midday trading, with a 12-month low of $2.76 and a high of $13.20.
• Recent insider transactions include significant purchases by major shareholders, with insiders now owning 40.70% of Alumis' stock.

Wells Fargo & Company began coverage on shares of Alumis (NASDAQ:ALMS - Free Report) in a report released on Friday, MarketBeat.com reports. The brokerage issued an overweight rating and a $17.00 target price on the stock.

ALMS has been the topic of several other reports. Guggenheim upgraded shares of Alumis to a "buy" rating and set a $18.00 price objective on the stock in a research report on Tuesday, June 10th. Oppenheimer cut their price target on shares of Alumis from $26.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Finally, HC Wainwright reissued a "buy" rating and set a $14.00 price objective on shares of Alumis in a research note on Friday. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $19.80.

Alumis Price Performance

Shares of ALMS traded down $0.02 during mid-day trading on Friday, hitting $4.03. The stock had a trading volume of 467,035 shares, compared to its average volume of 703,065. Alumis has a fifty-two week low of $2.76 and a fifty-two week high of $13.20. The company's fifty day simple moving average is $3.53 and its two-hundred day simple moving average is $4.93.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its earnings results on Wednesday, May 14th. The company reported ($1.82) earnings per share for the quarter, missing analysts' consensus estimates of ($1.47) by ($0.35). As a group, analysts forecast that Alumis will post -8.51 EPS for the current year.

Insider Buying and Selling

In related news, major shareholder Foresite Labs, Llc purchased 20,000 shares of Alumis stock in a transaction on Tuesday, May 6th. The stock was bought at an average price of $4.34 per share, with a total value of $86,800.00. Following the completion of the transaction, the insider directly owned 4,247,670 shares of the company's stock, valued at approximately $18,434,887.80. This represents a 0.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Srinivas Akkaraju acquired 160,370 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were purchased at an average cost of $4.67 per share, with a total value of $748,927.90. Following the completion of the acquisition, the director owned 3,586,788 shares in the company, valued at $16,750,299.96. This trade represents a 4.68% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 365,290 shares of company stock valued at $1,678,864 over the last quarter. Corporate insiders own 40.70% of the company's stock.

Hedge Funds Weigh In On Alumis

Institutional investors have recently made changes to their positions in the business. Marshall Wace LLP acquired a new stake in Alumis in the 4th quarter valued at approximately $108,000. Tang Capital Management LLC boosted its position in shares of Alumis by 40.6% in the fourth quarter. Tang Capital Management LLC now owns 600,000 shares of the company's stock valued at $4,716,000 after acquiring an additional 173,406 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Alumis by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 113,401 shares of the company's stock valued at $891,000 after acquiring an additional 4,808 shares during the period. Norges Bank acquired a new stake in shares of Alumis in the fourth quarter worth $1,606,000. Finally, Barclays PLC increased its position in Alumis by 33.9% during the fourth quarter. Barclays PLC now owns 24,581 shares of the company's stock worth $193,000 after acquiring an additional 6,221 shares during the period.

About Alumis

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.