BlackRock Inc. Purchases Shares of 8,218,151 Alumis Inc. $ALMS

Key Points

• BlackRock acquired 8.22 million Alumis shares during the second quarter, valued at approximately $231.3 million and representing a 6.45% stake in the clinical-stage biopharmaceutical company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $40.30, despite some neutral ratings.
• Alumis reported weaker-than-expected quarterly results, posting an adjusted loss of $1.11 per share versus the $0.77 estimate and revenue of $1.66 million versus the $3.65 million consensus.

BlackRock Inc. bought a new stake in Alumis Inc. (NASDAQ:ALMS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 8,218,151 shares of the company's stock, valued at approximately $231,259,000. BlackRock Inc. owned 6.45% of Alumis as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in ALMS. Samsara Biocapital LLC raised its holdings in Alumis by 19.9% in the 4th quarter. Samsara Biocapital LLC now owns 5,756,984 shares of the company's stock valued at $56,188,000 after acquiring an additional 955,614 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Alumis by 18.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,029,615 shares of the company's stock worth $16,078,000 after acquiring an additional 625,404 shares during the period. Cormorant Asset Management LP grew its holdings in shares of Alumis by 69.3% during the 4th quarter. Cormorant Asset Management LP now owns 3,635,596 shares of the company's stock worth $35,483,000 after purchasing an additional 1,488,200 shares in the last quarter. Octagon Capital Advisors LP grew its holdings in shares of Alumis by 11.9% during the 1st quarter. Octagon Capital Advisors LP now owns 2,830,700 shares of the company's stock worth $62,360,000 after purchasing an additional 300,000 shares in the last quarter. Finally, MPM Bioimpact LLC bought a new stake in shares of Alumis during the fourth quarter valued at approximately $23,443,000.

Insider Activity

In other Alumis news, insider David M. Goldstein sold 2,596 shares of the firm'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 transaction of $68,456.52. Following the sale, the insider directly owned 30,970 shares in the company, valued at approximately $816,678.90. This trade represents a 7.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Roy C. Hardiman sold 2,692 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $70,988.04. Following the completion of the transaction, the insider directly owned 207,746 shares in the company, valued at approximately $5,478,262.02. The trade was a 1.28% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 19,953 shares of company stock valued at $534,311. Company insiders own 33.70% of the company's stock.

Analyst Upgrades and Downgrades

ALMS has been the subject of several research reports. Guggenheim raised their target price on Alumis from $32.00 to $34.00 and gave the stock a "buy" rating in a research report on Friday, May 15th. Chardan Capital increased their price objective on Alumis from $38.00 to $40.00 and gave the company a "buy" rating in a research report on Tuesday, May 19th. HC Wainwright reissued a "neutral" rating and issued a $25.00 target price on shares of Alumis in a research note on Friday, August 14th. Citigroup restated a "neutral" rating on shares of Alumis in a research report on Monday, August 17th. Finally, Morgan Stanley reaffirmed an "overweight" rating and set a $39.00 price target on shares of Alumis in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $40.30.

Alumis Price Performance

Shares of ALMS stock opened at $23.21 on Friday. The stock has a market cap of $3.00 billion, a PE ratio of -6.01 and a beta of -0.69. The stock has a 50-day moving average of $26.57 and a 200-day moving average of $25.11. Alumis Inc. has a one year low of $3.76 and a one year high of $31.35.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.34). The firm had revenue of $1.66 million for the quarter, compared to the consensus estimate 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, research analysts anticipate that Alumis Inc. will post -2.95 earnings per share for the current year.

Alumis 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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