Alumis (NASDAQ:ALMS) Trading Down 9.6% - Should You Sell?

Key Points

• Alumis shares fell 9.6% to $24.89 in mid-day trading, with volume down 89% from its average. The stock trades near its 50-day and 200-day moving averages and has a market capitalization of about $3.13 billion.
• Analyst sentiment remains broadly positive despite the decline: coverage includes one Strong Buy, nine Buys, one Hold and one Sell, producing a “Moderate Buy” consensus and an average price target of $40.30.
• The clinical-stage biopharmaceutical company missed quarterly expectations, reporting a $0.74 per-share loss and $1.74 million in revenue, while insiders sold nearly 20,000 shares worth about $534,000 last quarter. BlackRock and other institutions, however, recently established new positions.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) was down 9.6% during mid-day trading on Tuesday . The stock traded as low as $23.80 and last traded at $24.89. 211,103 shares changed hands during trading, a decline of 89% from the average daily volume of 1,997,921 shares. The stock had previously closed at $27.53.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Wells Fargo & Company raised their price objective on Alumis from $49.00 to $51.00 and gave the company an "overweight" rating in a research report on Friday, May 15th. HC Wainwright reissued a "neutral" rating and set a $25.00 price target on shares of Alumis in a research report on Monday, August 3rd. Wall Street Zen cut shares of Alumis from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Citigroup reissued a "buy" rating on shares of Alumis in a research report on Tuesday, May 19th. Finally, Guggenheim raised their target price on shares of Alumis from $32.00 to $34.00 and gave the company a "buy" rating in a research note on Friday, May 15th. One 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 company has an average rating of "Moderate Buy" and a consensus price target of $40.30.

Alumis Stock Performance

The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -12.38 and a beta of -0.69. The firm's 50 day simple moving average is $25.77 and its 200 day simple moving average is $25.28.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.73) by ($0.01). The company had revenue of $1.74 million for the quarter, compared to analysts' expectations of $2.10 million. Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%. As a group, sell-side analysts forecast that Alumis Inc. will post -2.87 earnings per share for the current year.

Insiders Place Their Bets

In other Alumis news, insider Sanam Pangali sold 1,364 shares of the company'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 $35,968.68. Following the sale, the insider owned 9,747 shares in the company, valued at approximately $257,028.39. This represents a 12.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Jorn Drappa sold 2,447 shares of the business's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $64,527.39. Following the completion of the transaction, the insider owned 56,892 shares of the company's stock, valued at approximately $1,500,242.04. This represents a 4.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 19,953 shares of company stock worth $534,311. Corporate insiders own 33.70% of the company's stock.

Institutional Investors Weigh In On Alumis

A number of institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in Alumis in the second quarter valued at approximately $231,259,000. Deutsche Bank AG acquired a new position in shares of Alumis during the 2nd quarter worth approximately $2,367,000. Bank of New York Mellon Corp acquired a new position in shares of Alumis during the 2nd quarter worth approximately $6,377,000. State of Wyoming purchased a new position in shares of Alumis during the 2nd quarter valued at approximately $189,000. Finally, Handelsbanken Fonder AB acquired a new stake in Alumis in the 2nd quarter valued at $1,024,000.

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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