Wall Street Zen Upgrades Alumis (NASDAQ:ALMS) to "Hold"

Key Points

• Alumis (NASDAQ:ALMS) received an upgrade from Wall Street Zen, shifting from a "strong sell" to a "hold" rating in their latest report.
• Out of recent analyst ratings, Alumis has seven buy ratings and one strong buy, with a consensus target price of $20.17.
• The company's recent quarterly earnings report showed a loss of ($1.17) per share, which fell short of expectations, despite revenue surpassing estimates at $2.67 million.

Wall Street Zen upgraded shares of Alumis (NASDAQ:ALMS - Free Report) from a strong sell rating to a hold rating in a research report released on Saturday morning.

Several other research analysts also recently commented on the company. Wells Fargo & Company assumed coverage on Alumis in a report on Friday, July 25th. They issued an "overweight" rating and a $17.00 target price on the stock. HC Wainwright reissued a "buy" rating and issued a $14.00 target price on shares of Alumis in a report on Thursday, August 14th. Guggenheim raised Alumis to a "buy" rating and set a $18.00 target price on the stock in a report on Tuesday, June 10th. Morgan Stanley reduced their target price on Alumis from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Friday, August 15th. Finally, Oppenheimer reduced their target price on Alumis from $26.00 to $25.00 and set an "outperform" rating on the stock in a report on Thursday, May 15th. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to data from MarketBeat.com, Alumis has a consensus rating of "Buy" and a consensus price target of $20.17.

Alumis Stock Down 6.8%

NASDAQ ALMS traded down $0.32 during trading on Friday, reaching $4.41. 597,007 shares of the company traded hands, compared to its average volume of 810,863. The stock's 50 day moving average price is $3.66 and its two-hundred day moving average price is $4.63. Alumis has a 1-year low of $2.76 and a 1-year high of $13.11.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings data on Wednesday, August 13th. The company reported ($1.17) earnings per share for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.06). The business had revenue of $2.67 million during the quarter, compared to the consensus estimate of $1.80 million. Equities analysts forecast that Alumis will post -8.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Opaleye Management Inc. acquired a new position in Alumis during the 2nd quarter worth $2,325,000. LMR Partners LLP acquired a new position in Alumis during the 2nd quarter worth $699,000. General Atlantic L.P. acquired a new position in Alumis during the 2nd quarter worth $3,893,000. Engineers Gate Manager LP acquired a new position in Alumis during the 2nd quarter worth $137,000. Finally, Bridgeway Capital Management LLC acquired a new position in Alumis during the 2nd quarter worth $221,000.

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.