Alumis (NASDAQ:ALMS) Coverage Initiated by Analysts at Wells Fargo & Company

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.

Stock analysts at Wells Fargo & Company assumed coverage on shares of Alumis (NASDAQ:ALMS - Get Free Report) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an "overweight" rating and a $17.00 price target on the stock. Wells Fargo & Company's price objective would suggest a potential upside of 329.18% from the stock's previous close.

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

Alumis Trading Up 2.6%

ALMS stock traded up $0.10 during midday trading on Friday, hitting $3.96. The company's stock had a trading volume of 183,487 shares, compared to its average volume of 694,910. Alumis has a 12 month low of $2.76 and a 12 month high of $13.20. The company has a 50 day moving average of $3.60 and a two-hundred day moving average of $5.02.

Alumis (NASDAQ:ALMS - Get Free Report) last released its earnings results on Wednesday, May 14th. The company reported ($1.82) earnings per share for the quarter, missing the consensus estimate of ($1.47) by ($0.35). Research analysts anticipate that Alumis will post -8.51 EPS for the current fiscal year.

Insider Buying and Selling at Alumis

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Kera Capital Partners Inc. acquired a new stake in Alumis during the 2nd quarter worth about $32,000. Corebridge Financial Inc. grew its position in Alumis by 53.0% during the 1st quarter. Corebridge Financial Inc. now owns 10,658 shares of the company's stock worth $65,000 after purchasing an additional 3,693 shares during the period. Wells Fargo & Company MN grew its stake in Alumis by 77.1% during the 4th quarter. Wells Fargo & Company MN now owns 8,779 shares of the company's stock valued at $69,000 after acquiring an additional 3,823 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Alumis by 64.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,535 shares of the company's stock valued at $77,000 after acquiring an additional 4,926 shares in the last quarter. Finally, Rhumbline Advisers grew its stake in Alumis by 21.7% during the 1st quarter. Rhumbline Advisers now owns 16,543 shares of the company's stock valued at $102,000 after acquiring an additional 2,949 shares in the last quarter.

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.

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