Alumis (NASDAQ:ALMS) Shares Up 2% - Still a Buy?

Alumis Inc. (NASDAQ:ALMS - Get Free Report) shares shot up 2% during trading on Thursday . The company traded as high as $3.66 and last traded at $3.51. 607,665 shares changed hands during trading, an increase of 38% from the average session volume of 441,874 shares. The stock had previously closed at $3.44.

Analyst Ratings Changes

Several research firms recently weighed in on ALMS. Oppenheimer reduced 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. Guggenheim upgraded Alumis to a "buy" rating and set a $18.00 price target for the company in a research note on Tuesday, June 10th. Finally, HC Wainwright restated a "buy" rating and set a $14.00 price target on shares of Alumis in a research report on Wednesday, April 30th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $22.86.

Alumis Stock Down 0.3%

The business's 50 day moving average price is $3.71 and its 200-day moving average price is $5.11.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings results on Wednesday, May 14th. The company reported ($1.82) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.47) by ($0.35). As a group, sell-side analysts anticipate that Alumis Inc. will post -8.51 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alumis news, Director Srinivas Akkaraju bought 160,370 shares of Alumis stock in a transaction on Monday, May 5th. The stock was acquired at an average price of $4.67 per share, with a total value of $748,927.90. Following the acquisition, the director owned 3,586,788 shares in the company, valued at approximately $16,750,299.96. This trade represents a 4.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Foresite Labs, Llc purchased 25,000 shares of the firm's stock in a transaction on Friday, May 2nd. The shares were purchased at an average cost of $4.62 per share, with a total value of $115,500.00. Following the completion of the transaction, the insider owned 4,227,670 shares of the company's stock, valued at approximately $19,531,835.40. The trade was a 0.59% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 365,290 shares of company stock worth $1,678,864. Corporate insiders own 40.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ALMS. Rhumbline Advisers grew its stake in shares of Alumis by 21.7% in the first quarter. Rhumbline Advisers now owns 16,543 shares of the company's stock valued at $102,000 after acquiring an additional 2,949 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Alumis by 53.0% during the 1st quarter. Corebridge Financial Inc. now owns 10,658 shares of the company's stock valued at $65,000 after acquiring an additional 3,693 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Alumis by 77.1% in the fourth quarter. Wells Fargo & Company MN now owns 8,779 shares of the company's stock valued at $69,000 after purchasing an additional 3,823 shares during the period. Northern Trust Corp lifted its stake in shares of Alumis by 4.3% in the 4th quarter. Northern Trust Corp now owns 111,326 shares of the company's stock valued at $875,000 after purchasing an additional 4,587 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Alumis by 4.4% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 113,401 shares of the company's stock valued at $891,000 after purchasing an additional 4,808 shares during the period.

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.