Alumis (NASDAQ:ALMS) Lowered to "Strong Sell" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Alumis to “Strong Sell” from “Sell,” contrasting with the broader analyst consensus of “Moderate Buy” and an average price target of $40.30.
• Alumis reported a quarterly loss of $1.11 per share, missing estimates by $0.34, while revenue of $1.66 million fell short of the $3.65 million consensus forecast.
• Shares opened at $25.31 and were up 3.7%; insiders have sold 19,953 shares worth approximately $534,311 over the past 90 days.

Alumis (NASDAQ:ALMS - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a report released on Saturday.

ALMS has been the subject of several other research reports. Guggenheim raised their price objective on Alumis from $32.00 to $34.00 and gave the company a "buy" rating in a report on Friday, May 15th. Morgan Stanley reissued an "overweight" rating and set a $39.00 price target on shares of Alumis in a research report on Friday, May 15th. Chardan Capital raised their price target on Alumis from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, May 19th. Wells Fargo & Company boosted their price target on Alumis from $49.00 to $51.00 and gave the stock an "overweight" rating in a research report on Friday, May 15th. Finally, Citigroup reiterated a "buy" rating on shares of Alumis in a research note on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $40.30.

Alumis Trading Up 3.7%

Shares of ALMS opened at $25.31 on Friday. The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -6.56 and a beta of -0.69. Alumis has a 12 month low of $3.76 and a 12 month high of $31.35. The firm has a fifty day simple moving average of $26.19 and a 200 day simple moving average of $25.27.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.34). Alumis had a negative net margin of 5,933.46% and a negative return on equity of 95.08%. The business had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. As a group, research analysts predict that Alumis will post -2.87 earnings per share for the current fiscal year.

Insider Transactions at Alumis

In other news, insider David M. Goldstein sold 2,596 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total transaction of $68,456.52. Following the completion of the transaction, the insider directly owned 30,970 shares in the company, valued at approximately $816,678.90. The trade was a 7.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Jorn Drappa sold 2,447 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $64,527.39. Following the transaction, the insider directly owned 56,892 shares in the company, valued at $1,500,242.04. The trade was a 4.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 19,953 shares of company stock valued at $534,311. Company insiders own 33.70% of the company's stock.

Hedge Funds Weigh In On Alumis

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Alumis in the second quarter valued at $231,259,000. Samsara Biocapital LLC boosted its holdings in shares of Alumis by 19.9% during the 4th quarter. Samsara Biocapital LLC now owns 5,756,984 shares of the company's stock worth $56,188,000 after buying an additional 955,614 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Alumis by 18.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,029,615 shares of the company's stock worth $16,078,000 after buying an additional 625,404 shares during the period. Cormorant Asset Management LP grew its stake in Alumis by 69.3% in the 4th quarter. Cormorant Asset Management LP now owns 3,635,596 shares of the company's stock valued at $35,483,000 after buying an additional 1,488,200 shares during the last quarter. Finally, Octagon Capital Advisors LP raised its holdings in Alumis by 11.9% in the 1st quarter. Octagon Capital Advisors LP now owns 2,830,700 shares of the company's stock valued at $62,360,000 after acquiring an additional 300,000 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.

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