Bank of America Corp DE Makes New Investment in Alumis Inc. $ALMS

Key Points

• Bank of America acquired 207,789 Alumis shares in the second quarter, valued at approximately $5.85 million and representing 0.16% of the company.
• Alumis shares opened at $7.10, well below their 52-week high of $31.35. The company missed quarterly expectations, reporting a $1.11 loss per share versus the estimated $0.77 loss and revenue of $1.66 million versus $3.65 million expected.
• Analysts maintain a “Moderate Buy” consensus with a $33.27 target price, although several firms recently reduced their targets; insiders have sold 116,084 shares worth approximately $1.55 million over the past 90 days.

Bank of America Corp DE acquired a new position in shares of Alumis Inc. (NASDAQ:ALMS - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 207,789 shares of the company's stock, valued at approximately $5,847,000. Bank of America Corp DE owned 0.16% of Alumis at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. KBC Group NV bought a new position in shares of Alumis during the first quarter worth approximately $42,000. Strs Ohio lifted its holdings in Alumis by 300.0% during the 1st quarter. Strs Ohio now owns 2,000 shares of the company's stock worth $44,000 after buying an additional 1,500 shares during the period. State of Wyoming bought a new position in shares of Alumis during the first quarter worth about $57,000. EverSource Wealth Advisors LLC boosted its stake 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 valued at $69,000 after purchasing an additional 2,684 shares during the last quarter. Finally, Assetmark Inc. bought a new stake in Alumis during the first quarter valued at $92,000.

Alumis Price Performance

ALMS opened at $7.10 on Monday. The business's fifty day simple moving average is $19.52 and its 200 day simple moving average is $22.53. The stock has a market cap of $918.95 million, a PE ratio of -1.84 and a beta of -0.81. Alumis Inc. has a 52 week low of $3.76 and a 52 week high of $31.35.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.77) by ($0.34). The firm had revenue of $1.66 million during the quarter, compared to analysts' expectations of $3.65 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. As a group, equities analysts anticipate that Alumis Inc. will post -2.95 earnings per share for the current year.

Analyst Ratings Changes

ALMS has been the subject of several recent analyst reports. Robert W. Baird set a $27.00 price objective on shares of Alumis in a research report on Tuesday, September 1st. HC Wainwright raised Alumis from a "neutral" rating to a "buy" rating and cut their target price for the company from $25.00 to $15.00 in a research report on Wednesday, September 2nd. Wall Street Zen downgraded Alumis from a "hold" rating to a "sell" rating in a research report on Saturday, September 5th. Wells Fargo & Company dropped their target price on shares of Alumis from $51.00 to $25.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 2nd. Finally, Oppenheimer cut their target price on shares of Alumis from $55.00 to $37.00 and set an "outperform" rating for the company in a research report on Wednesday, September 2nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Alumis currently has an average rating of "Moderate Buy" and a consensus target price of $33.27.

Insider Activity

In related news, insider David M. Goldstein sold 2,596 shares of the business's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.37, for a total transaction of $68,456.52. Following the transaction, the insider owned 30,970 shares in the company, valued at $816,678.90. The trade was a 7.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Roy C. Hardiman sold 2,692 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $70,988.04. Following the transaction, the insider directly owned 207,746 shares in the company, valued at $5,478,262.02. This trade represents a 1.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 116,084 shares of company stock valued at $1,548,493. Corporate insiders own 33.70% of the company's stock.

About Alumis

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company's lead investigational product is ESK-001, a selective allosteric tyrosine kinase 2 (TYK2) inhibitor designed to regulate immune signaling while potentially avoiding some safety limitations associated with broader immunosuppressive treatments.

ESK-001 is being evaluated in clinical trials for moderate-to-severe plaque psoriasis and systemic lupus erythematosus.

Want to see what other hedge funds are holding ALMS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alumis Inc. (NASDAQ:ALMS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.