Alumis (NASDAQ:ALMS) Price Target Cut to $22.00 by Analysts at Morgan Stanley

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 price objective trimmed by Morgan Stanley from $23.00 to $22.00 in a research report released on Friday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also issued reports on ALMS. Oppenheimer dropped their price target on shares of Alumis from $26.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, May 15th. Wells Fargo & Company began coverage on shares of Alumis in a research report on Friday, July 25th. They issued an "overweight" rating and a $17.00 price target for the company. Guggenheim raised shares of Alumis to a "buy" rating and set a $18.00 price target for the company in a research report on Tuesday, June 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $14.00 price target on shares of Alumis in a research report on Thursday. One investment analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $20.17.

Alumis Stock Up 8.2%

Shares of ALMS traded up $0.36 during trading hours on Friday, reaching $4.75. 865,122 shares of the company traded hands, compared to its average volume of 762,621. The stock's fifty day moving average is $3.59 and its 200 day moving average is $4.65. Alumis has a 1-year low of $2.76 and a 1-year high of $13.11.

Alumis (NASDAQ:ALMS - Get Free Report) last posted 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 analysts' expectations of $1.80 million. On average, equities research analysts expect that Alumis will post -8.51 earnings per share for the current year.

Institutional Trading of Alumis

Several large investors have recently added to or reduced their stakes in ALMS. Foresite Capital Management V LLC grew its stake in shares of Alumis by 3.5% during the fourth quarter. Foresite Capital Management V LLC now owns 5,779,348 shares of the company's stock valued at $45,426,000 after purchasing an additional 194,459 shares during the last quarter. Samsara Biocapital LLC grew its stake in shares of Alumis by 47.0% during the second 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 last quarter. Foresite Capital Management VI LLC grew its stake in shares of Alumis by 1.1% during the second quarter. Foresite Capital Management VI LLC now owns 4,247,670 shares of the company's stock valued at $12,743,000 after purchasing an additional 45,000 shares during the last quarter. Orbimed Advisors LLC bought a new stake in shares of Alumis during the second quarter valued at approximately $5,779,000. Finally, Velan Capital Investment Management LP bought a new stake in shares of Alumis during the second quarter valued at approximately $4,863,000.

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.