Alumis (NASDAQ:ALMS) Shares Gap Down After Earnings Miss

Key Points

• Alumis shares fell after an earnings miss, opening at $23.19 versus the prior close of $24.41 and last trading at $23.57. The company reported a quarterly loss of $0.78 per share, below the $0.73 consensus estimate, while revenue of $1.66 million also missed expectations of $3.47 million.
• Analyst sentiment remains broadly positive despite the weak results, with a consensus rating of “Moderate Buy” and an average price target of $40.30. Ratings range from Strong Buy and Buy to Hold and Sell.
• Insiders sold 19,953 shares worth approximately $534,311 over the past three months, while insiders still own 33.70% of the company. Several institutional investors, including BlackRock and Spruce Street Capital, recently established positions in Alumis.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $24.41, but opened at $23.19. Alumis shares last traded at $23.57, with a volume of 109,126 shares traded.

The company reported ($0.78) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.05). Alumis had a negative return on equity of 88.79% and a negative net margin of 2,825.70%.The firm had revenue of $1.66 million for the quarter, compared to the consensus estimate of $3.47 million.

Analyst Ratings Changes

ALMS has been the subject of a number of recent research reports. Wall Street Zen downgraded shares of Alumis from a "hold" rating to a "sell" rating in a research note on Saturday, May 16th. Morgan Stanley restated an "overweight" rating and issued a $39.00 price objective on shares of Alumis in a report on Friday, May 15th. Citigroup reaffirmed a "buy" rating on shares of Alumis in a research note on Tuesday, May 19th. Guggenheim lifted their target price on shares of Alumis from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Alumis in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $40.30.

Insider Transactions at Alumis

In other Alumis news, insider Mark Christopher Bradley sold 2,572 shares of the 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 sale, the insider directly owned 48,533 shares in the company, valued at approximately $1,279,815.21. This trade represents a 5.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jorn Drappa sold 2,447 shares of Alumis stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total transaction of $64,527.39. Following the transaction, the insider directly owned 56,892 shares in the company, valued at approximately $1,500,242.04. This represents a 4.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 19,953 shares of company stock valued at $534,311. Corporate insiders own 33.70% of the company's stock.

Institutional Investors Weigh In On Alumis

Large investors have recently modified their holdings of the business. Spruce Street Capital LP acquired a new stake in shares of Alumis during the second quarter worth about $11,047,032,000. BlackRock Inc. acquired a new position in shares of Alumis in the 2nd quarter valued at approximately $231,259,000. Deutsche Bank AG bought a new stake in Alumis during the 2nd quarter worth approximately $2,367,000. Bank of New York Mellon Corp bought a new stake in Alumis during the 2nd quarter worth approximately $6,377,000. Finally, State of Wyoming acquired a new stake in Alumis during the 2nd quarter worth approximately $189,000.

Alumis Stock Performance

The firm's fifty day simple moving average is $26.06 and its 200 day simple moving average is $25.27. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -12.07 and a beta of -0.69.

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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