Alumis (NASDAQ:ALMS) Stock Gets Price Target Cut from HC Wainwright

Key Points

• HC Wainwright cut Alumis’s price target from $15 to $9 but maintained a Buy rating, implying 46.82% upside from the current share price.
• Shares fell 7.4% and opened at $6.13; analysts overall rate the stock a “Moderate Buy,” with an average price target of $32.73, though Guggenheim downgraded it to Neutral.
• Alumis reported a quarterly loss of $0.73 per share, slightly better than the $0.76 loss analysts expected, and revenue of $1.91 million versus a $1.90 million consensus.

Alumis (NASDAQ:ALMS - Get Free Report) had its target price cut by analysts at HC Wainwright from $15.00 to $9.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. HC Wainwright's price objective points to a potential upside of 46.82% from the company's current price.

Several other brokerages have also weighed in on ALMS. Guggenheim lowered Alumis from a "buy" rating to a "neutral" rating in a research report on Thursday, September 3rd. Citigroup restated an "overweight" rating on shares of Alumis in a research report on Tuesday, September 1st. Morgan Stanley reduced their price objective on shares of Alumis from $39.00 to $29.00 and set an "overweight" rating for the company in a research report on Wednesday, September 2nd. Cantor Fitzgerald reissued an "overweight" rating on shares of Alumis in a research note on Wednesday, September 16th. Finally, Benchmark reissued a "buy" rating on shares of Alumis in a research report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $32.73.

Alumis Trading Down 7.4%

NASDAQ:ALMS opened at $6.13 on Friday. The stock has a 50-day simple moving average of $7.36 and a 200 day simple moving average of $20.56. Alumis has a one year low of $4.60 and a one year high of $31.35.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its quarterly earnings results on Thursday, November 12th. The company reported ($0.73) earnings per share for the quarter, beating analysts' consensus estimates of ($0.76) by $0.03. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. The business had revenue of $1.91 million during the quarter, compared to the consensus estimate of $1.90 million. Equities research analysts predict that Alumis will post -2.95 earnings per share for the current fiscal year.

Insider Transactions at Alumis

In related news, Director Srinivas Akkaraju sold 96,131 shares of the company's stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $10.55, for a total value of $1,014,182.05. Following the completion of the sale, the director directly owned 2,025,493 shares in the company, valued at approximately $21,368,951.15. This represents a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders have sold 99,754 shares of company stock valued at $1,037,804 in the last three months. Corporate insiders own 33.70% of the company's stock.

Hedge Funds Weigh In On Alumis

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Polymer Capital Management US LLC acquired a new position in shares of Alumis during the third quarter worth approximately $152,000. First Trust Advisors LP raised its stake in shares of Alumis by 244.8% in the third quarter. First Trust Advisors LP now owns 324,311 shares of the company's stock valued at $2,397,000 after purchasing an additional 230,265 shares in the last quarter. Ieq Capital LLC acquired a new stake in Alumis during the third quarter worth $306,000. Pictet Asset Management Holding SA increased its holdings in Alumis by 6,070.7% in the 3rd quarter. Pictet Asset Management Holding SA now owns 647,366 shares of the company's stock valued at $4,784,000 after buying an additional 636,875 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Alumis in the 3rd quarter valued at $49,000.

Alumis Company Profile

Alumis is a clinical-stage biopharmaceutical company developing medicines for autoimmune and inflammatory diseases. The company uses data and computational tools to support the discovery and development of targeted treatments. Its lead investigational program, ESK-001, is an oral, selective TYK2 inhibitor being studied for conditions including plaque psoriasis and systemic lupus erythematosus. Alumis is also advancing other drug candidates for immune-mediated diseases. These medicines remain in clinical development and are not approved for commercial use.

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