Alumis (NASDAQ:ALMS) Director Buys 546,581 Shares of Stock

Key Points

• Director Srinivas Akkaraju bought 546,581 Alumis shares at an average $10.63 each, investing about $5.81 million and increasing his direct ownership by 12.45% to nearly 4.94 million shares.
• Alumis shares fell 7.4% to $9.80, while the company reported weaker-than-expected quarterly results, including an adjusted loss of $1.11 per share and revenue of $1.66 million versus the $3.65 million estimate.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and a $33.27 target price, although several firms recently reduced their price targets or downgraded the stock.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) Director Srinivas Akkaraju acquired 546,581 shares of the stock in a transaction dated Tuesday, September 8th. The shares were bought at an average price of $10.63 per share, with a total value of $5,810,156.03. Following the completion of the transaction, the director directly owned 4,937,026 shares of the company's stock, valued at $52,480,586.38. The trade was a 12.45% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Srinivas Akkaraju also recently made the following trade(s):

• On Tuesday, September 8th, Srinivas Akkaraju sold 96,131 shares of Alumis stock. The shares were sold at an average price of $10.55, for a total value of $1,014,182.05.
• On Friday, September 4th, Srinivas Akkaraju bought 440,140 shares of Alumis stock. The shares were purchased at an average cost of $11.17 per share, with a total value of $4,916,363.80.

Alumis Stock Down 7.4%

Alumis stock traded down $0.78 during mid-day trading on Wednesday, hitting $9.80. 3,808,867 shares of the stock were exchanged, compared to its average volume of 3,294,204. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -2.54 and a beta of -0.81. Alumis Inc. has a 12 month low of $3.76 and a 12 month high of $31.35. The firm's fifty day simple moving average is $24.32 and its two-hundred day simple moving average is $24.24.

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

Institutional Investors Weigh In On Alumis

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC purchased a new position in shares of Alumis during the second quarter valued at approximately $33,000. KBC Group NV purchased a new position in Alumis during the 1st quarter valued at $42,000. Strs Ohio lifted its position in shares of Alumis by 300.0% in the 1st quarter. Strs Ohio now owns 2,000 shares of the company's stock worth $44,000 after purchasing an additional 1,500 shares during the period. State of Wyoming bought a new stake in shares of Alumis during the 1st quarter valued at about $57,000. Finally, EverSource Wealth Advisors LLC increased its position in shares of Alumis by 600.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,131 shares of the company's stock valued at $69,000 after buying an additional 2,684 shares during the period.

Analyst Upgrades and Downgrades

ALMS has been the subject of several research analyst reports. Guggenheim lowered shares of Alumis from a "buy" rating to a "neutral" rating in a research note on Thursday, September 3rd. Chardan Capital upped their price objective on shares of Alumis from $38.00 to $40.00 and gave the company a "buy" rating in a report on Tuesday, May 19th. Wells Fargo & Company reduced their target price on Alumis from $51.00 to $25.00 and set an "overweight" rating for the company in a research note on Wednesday, September 2nd. HC Wainwright upgraded Alumis from a "neutral" rating to a "buy" rating and cut their price target for the stock from $25.00 to $15.00 in a report on Wednesday, September 2nd. Finally, Citigroup restated an "overweight" rating on shares of Alumis in a report on Tuesday, September 1st. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.27.

About Alumis

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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