Alumis Inc. (NASDAQ:ALMS) Stock Short Interest Rises 63.4%

Key Points

• Short interest in Alumis rose 63.4% to 10.3 million shares as of September 30, representing 12.0% of shares outstanding and 3.6 days of average trading volume to cover.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $33.27 price target; ratings range from Strong Buy to Sell.
• Alumis shares opened at $6.31, near their 12-month low, after the company missed quarterly earnings and revenue expectations. Insiders have also sold 111,084 shares worth about $1.4 million over the past quarter.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) was the target of a significant increase in short interest in September. As of September 30th, there was short interest totaling 10,295,705 shares, an increase of 63.4% from the September 15th total of 6,299,106 shares. Based on an average daily trading volume, of 2,869,547 shares, the days-to-cover ratio is currently 3.6 days. Currently, 12.0% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

ALMS has been the topic of several analyst reports. HC Wainwright reaffirmed a "buy" rating on shares of Alumis in a research note on Monday, October 5th. Citigroup reiterated an "overweight" rating on shares of Alumis in a report on Tuesday, September 1st. Morgan Stanley cut 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. Guggenheim downgraded shares of Alumis from a "buy" rating to a "neutral" rating in a research note on Thursday, September 3rd. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Alumis in a research note on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Alumis has a consensus rating of "Moderate Buy" and a consensus price target of $33.27.

Alumis Price Performance

Shares of NASDAQ:ALMS opened at $6.31 on Friday. The stock's 50-day moving average price is $13.67 and its two-hundred day moving average price is $20.71. Alumis has a 12-month low of $4.37 and a 12-month high of $31.35.

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

Insiders Place Their Bets

In related news, insider Mark Bradley sold 2,572 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $67,823.64. Following the sale, the insider directly owned 48,533 shares of the company's stock, valued at approximately $1,279,815.21. This represents a 5.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider David Goldstein sold 2,596 shares of the 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 completion of the sale, the insider owned 30,970 shares in the company, valued at $816,678.90. This represents a 7.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 111,084 shares of company stock valued at $1,408,493. Company insiders own 33.70% of the company's stock.

Hedge Funds Weigh In On Alumis

A number of large investors have recently modified their holdings of ALMS. California State Teachers Retirement System increased its position in shares of Alumis by 2,222.5% in the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company's stock worth $1,781,000 after acquiring an additional 77,364 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Alumis during the first quarter worth about $1,456,000. Spruce Street Capital LP acquired a new position in shares of Alumis during the second quarter worth about $11,047,032. The Manufacturers Life Insurance Company boosted its position in shares of Alumis by 775.6% in the first quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company's stock worth $3,407,000 after buying an additional 136,973 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Alumis in the second quarter worth about $6,377,000.

About Alumis

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company's research centers on selective allosteric inhibitors of tyrosine kinase 2 (TYK2), a protein involved in signaling pathways that regulate inflammation and immune responses.

Alumis' lead product candidate is ESK-001, an oral, highly selective TYK2 inhibitor being evaluated in inflammatory and autoimmune conditions, including plaque psoriasis, psoriatic arthritis and systemic lupus erythematosus.

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