HC Wainwright Reaffirms "Buy" Rating for Alumis (NASDAQ:ALMS)

Key Points

• HC Wainwright has reiterated a "buy" rating for Alumis (NASDAQ:ALMS) with a price objective of $14.00, indicating a potential upside of 262.69% from its current price.
• Alumis recently reported a quarterly loss of ($1.82) EPS, missing analysts' consensus estimates by $0.35, and is projected to have an average EPS of -8.51 for the current fiscal year.
• Insiders, including Director Srinivas Akkaraju, have recently purchased shares of Alumis, indicating a 4.68% increase in their holdings and reflecting industry confidence in the company's outlook.

Alumis (NASDAQ:ALMS - Get Free Report)'s stock had its "buy" rating restated by stock analysts at HC Wainwright in a research report issued on Friday,Benzinga reports. They presently have a $14.00 price objective on the stock. HC Wainwright's price target would suggest a potential upside of 247.83% from the stock's previous close.

A number of other equities analysts have also recently commented on the company. Oppenheimer dropped their target price on Alumis from $26.00 to $25.00 and set an "outperform" rating for the company in a report on Thursday, May 15th. Guggenheim raised shares of Alumis to a "buy" rating and set a $18.00 price objective for the company in a research note on Tuesday, June 10th. Six analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Alumis has a consensus rating of "Buy" and an average price target of $19.80.

Alumis Price Performance

Alumis stock traded down $0.02 during mid-day trading on Friday, reaching $4.03. 463,485 shares of the company's stock traded hands, compared to its average volume of 703,065. Alumis has a 12-month low of $2.76 and a 12-month high of $13.20. The stock has a 50 day moving average of $3.53 and a two-hundred day moving average of $4.93.

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

Insider Activity at Alumis

In other Alumis news, major shareholder Foresite Labs, Llc bought 20,000 shares of the firm's stock in a transaction dated Tuesday, May 6th. The stock was acquired at an average cost of $4.34 per share, for a total transaction of $86,800.00. Following the completion of the transaction, the insider owned 4,247,670 shares in the company, valued at $18,434,887.80. This trade represents a 0.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Srinivas Akkaraju bought 160,370 shares of the stock in a transaction dated Monday, May 5th. The shares were bought at an average cost of $4.67 per share, with a total value of $748,927.90. Following the completion of the purchase, the director directly owned 3,586,788 shares of the company's stock, 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. Over the last quarter, insiders bought 365,290 shares of company stock worth $1,678,864. Company insiders own 40.70% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers boosted its position in Alumis by 21.7% in the 1st quarter. Rhumbline Advisers now owns 16,543 shares of the company's stock valued at $102,000 after buying an additional 2,949 shares during the period. Corebridge Financial Inc. raised its stake in shares of Alumis by 53.0% during the first quarter. Corebridge Financial Inc. now owns 10,658 shares of the company's stock valued at $65,000 after acquiring an additional 3,693 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in shares of Alumis by 77.1% in the fourth quarter. Wells Fargo & Company MN now owns 8,779 shares of the company's stock valued at $69,000 after purchasing an additional 3,823 shares during the period. Northern Trust Corp grew its stake in Alumis by 4.3% in the fourth quarter. Northern Trust Corp now owns 111,326 shares of the company's stock worth $875,000 after purchasing an additional 4,587 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Alumis by 4.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 113,401 shares of the company's stock worth $891,000 after purchasing an additional 4,808 shares in the last quarter.

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.