Wells Fargo & Company Issues Pessimistic Forecast for Alumis (NASDAQ:ALMS) Stock Price

Key Points

• Wells Fargo cut its Alumis price target from $25 to $18 but maintained an “overweight” rating, implying 222.87% upside from the prior close.
• Analyst views are mixed: Alumis has a “Moderate Buy” consensus rating and a $32.09 average target, though several firms recently lowered targets or ratings.
• Shares fell to $5.58 on Friday, near their 52-week low. The company reported a quarterly loss of $0.73 per share, slightly better than analysts’ estimate, and revenue of $1.91 million.

Alumis (NASDAQ:ALMS - Get Free Report) had its price target dropped by equities researchers at Wells Fargo & Company from $25.00 to $18.00 in a report released on Friday, Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 222.87% from the company's previous close.

ALMS has been the subject of several other research reports. Oppenheimer cut their price target on Alumis from $55.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, September 2nd. Guggenheim cut Alumis from a "buy" rating to a "neutral" rating in a report on Thursday, September 3rd. Robert W. Baird set a $27.00 target price on Alumis in a research report on Tuesday, September 1st. Morgan Stanley lowered their target price on Alumis from $39.00 to $29.00 and set an "overweight" rating for the company in a research report on Wednesday, September 2nd. Finally, Weiss Ratings lowered shares of Alumis from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday, October 27th. One 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 issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $32.09.

Alumis Price Performance

Shares of Alumis stock traded down $0.56 during trading on Friday, reaching $5.58. 272,290 shares of the stock traded hands, compared to its average volume of 2,215,449. The company has a market capitalization of $721.57 million, a price-to-earnings ratio of -1.45 and a beta of -0.28. The business has a fifty day simple moving average of $7.36 and a two-hundred day simple moving average of $20.56. Alumis has a 52-week low of $4.60 and a 52-week high of $31.35.

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

Insiders Place Their Bets

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of the company's stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the sale, the director directly owned 2,025,493 shares in the company, valued at $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 available at this link. Insiders sold 99,754 shares of company stock worth $1,037,804 over the last quarter. Insiders own 33.70% of the company's stock.

Hedge Funds Weigh In On Alumis

A number of institutional investors and hedge funds have recently modified their holdings of ALMS. Integrated Wealth Concepts LLC bought a new stake in Alumis in the second quarter worth $33,000. KBC Group NV purchased a new stake in shares of Alumis in the first quarter valued at $42,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Alumis in the 3rd quarter worth about $49,000. State of Wyoming bought a new stake in shares of Alumis in the 1st quarter worth about $57,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Alumis by 600.4% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,131 shares of the company's stock worth $69,000 after acquiring an additional 2,684 shares during the last quarter.

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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