Morgan Stanley Has Lowered Expectations for Alumis (NASDAQ:ALMS) Stock Price

Key Points

• Morgan Stanley has reduced its price target for Alumis (NASDAQ:ALMS) from $23.00 to $22.00, while maintaining an "overweight" rating, indicating a potential upside of 401.14% from its current price.
• Despite a recent earnings report showing a loss that missed estimates, Alumis has received multiple "buy" ratings from various analysts, with a consensus price target of $20.17.
• Shares of Alumis are currently trading at approximately $4.39, with a 1-year range between $2.76 and $13.11.

Alumis (NASDAQ:ALMS - Free Report) had its target price lowered by Morgan Stanley from $23.00 to $22.00 in a report released on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other research firms have also recently commented on ALMS. Guggenheim upgraded shares of Alumis to a "buy" rating and set a $18.00 price objective for the company in a research report on Tuesday, June 10th. Wells Fargo & Company assumed coverage on Alumis in a report on Friday, July 25th. They set an "overweight" rating and a $17.00 price objective on the stock. Oppenheimer dropped their target price on shares of Alumis from $26.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. Finally, HC Wainwright restated a "buy" rating and issued a $14.00 price target on shares of Alumis in a report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $20.17.

Alumis Trading Down 6.5%

ALMS traded down $0.3080 during trading on Friday, hitting $4.4220. The company's stock had a trading volume of 192,874 shares, compared to its average volume of 704,385. The firm's 50 day moving average price is $3.64 and its two-hundred day moving average price is $4.63. Alumis has a 12 month low of $2.76 and a 12 month high of $13.11.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its quarterly earnings results on Wednesday, August 13th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.06). The company had revenue of $2.67 million for the quarter, compared to analyst estimates of $1.80 million. Analysts predict that Alumis will post -8.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ALMS. Foresite Capital Management VI LLC bought a new stake in shares of Alumis during the fourth quarter worth approximately $33,033,000. Orbimed Advisors LLC acquired a new stake in Alumis during the 2nd quarter worth approximately $5,779,000. Velan Capital Investment Management LP bought a new stake in Alumis in the 2nd quarter valued at about $4,863,000. Samsara Biocapital LLC boosted its holdings in Alumis by 47.0% in the 2nd quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company's stock valued at $14,404,000 after purchasing an additional 1,534,872 shares during the period. Finally, Tybourne Capital Management HK Ltd. acquired a new position in shares of Alumis during the 2nd quarter worth approximately $4,198,000.

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.