Alumis (NASDAQ:ALMS) Shares Down 7.9% - What's Next?

Key Points

• Alumis shares fell 7.9% to approximately $22.11 in mid-day trading, while trading volume was 83% below the average session volume.
• The company’s latest quarterly results missed expectations, with an adjusted loss of $1.11 per share versus the $0.77 consensus estimate and revenue of $1.66 million versus $3.65 million expected.
• Despite the earnings shortfall and recent insider selling, analysts maintain a consensus “Moderate Buy” rating with an average price target of $40.30, substantially above the current share price.

Shares of Alumis Inc. (NASDAQ:ALMS - Get Free Report) dropped 7.9% during mid-day trading on Thursday . The company traded as low as $22.03 and last traded at $22.1050. 330,237 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,953,022 shares. The stock had previously closed at $23.99.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen downgraded shares of Alumis from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 15th. HC Wainwright restated a "neutral" rating and issued a $25.00 target price on shares of Alumis in a research note on Friday, August 14th. Wells Fargo & Company raised their price target on shares of Alumis from $49.00 to $51.00 and gave the company an "overweight" rating in a report on Friday, May 15th. Guggenheim lifted their price target on shares of Alumis from $32.00 to $34.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Finally, Citigroup reiterated a "neutral" rating on shares of Alumis in a report on Monday. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $40.30.

Alumis Stock Performance

The company's fifty day moving average price is $26.49 and its 200 day moving average price is $25.22. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -5.76 and a beta of -0.69.

Alumis (NASDAQ:ALMS - Get Free Report) last announced 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). The company had revenue of $1.66 million during the quarter, compared to the consensus estimate of $3.65 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. As a group, sell-side analysts expect that Alumis Inc. will post -2.95 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Roy C. Hardiman sold 2,692 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $70,988.04. Following the transaction, the insider owned 207,746 shares of the company's stock, valued at $5,478,262.02. The trade was a 1.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Mark Christopher Bradley sold 2,572 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $67,823.64. Following the completion of the transaction, the insider directly owned 48,533 shares in the company, valued at $1,279,815.21. This represents a 5.03% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 19,953 shares of company stock valued at $534,311. 33.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. California State Teachers Retirement System grew its position in Alumis by 2,222.5% during the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company's stock valued at $1,781,000 after purchasing an additional 77,364 shares in the last quarter. First Trust Advisors LP bought a new stake in shares of Alumis during the 1st quarter worth $1,456,000. The Manufacturers Life Insurance Company grew its stake in Alumis by 775.6% in the 1st quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company's stock valued at $3,407,000 after buying an additional 136,973 shares during the last quarter. Swiss National Bank acquired a new position in shares of Alumis during the 1st quarter worth about $2,815,000. Finally, Elmind Capital LP acquired a new position in shares of Alumis during the 1st quarter worth about $2,864,000.

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.

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