Alumis (NASDAQ:ALMS) Shares Down 8.7% - Here's Why

Key Points

• Alumis shares fell 8.7% to about $7.41, with trading volume 69% below the stock’s average daily volume. The company has a market capitalization of approximately $958 million.
• Recent analyst views remain mixed: Oppenheimer cut its price target to $37, Guggenheim downgraded the stock to “neutral,” and Wall Street Zen issued a “sell” rating. Despite this, the consensus rating is “Moderate Buy,” with an average target price of $33.27.
• Alumis reported a quarterly loss of $1.11 per share versus expectations of $0.77 and revenue of $1.66 million versus estimates of $3.65 million. Insiders have sold roughly 116,084 shares worth $1.55 million over the past 90 days, while the company continues developing its lead drug candidate, ESK-001, for immune-mediated diseases.

Shares of Alumis Inc. (NASDAQ:ALMS - Get Free Report) fell 8.7% during trading on Wednesday . The company traded as low as $7.42 and last traded at $7.4050. 707,687 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 2,258,722 shares. The stock had previously closed at $8.11.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on ALMS. Oppenheimer dropped their target price on shares of Alumis from $55.00 to $37.00 and set an "outperform" rating on the stock in a report on Wednesday, September 2nd. Guggenheim downgraded Alumis from a "buy" rating to a "neutral" rating in a research report on Thursday, September 3rd. Robert W. Baird set a $27.00 price objective on Alumis in a research note on Tuesday, September 1st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Alumis in a research report on Wednesday, September 16th. Finally, Wall Street Zen cut shares of Alumis from a "hold" rating to a "sell" rating in a research report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $33.27.

Alumis Stock Down 8.7%

The business has a fifty day moving average price of $20.78 and a 200-day moving average price of $22.95. The company has a market cap of $958.43 million, a P/E ratio of -1.91 and a beta of -0.81.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings results 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 analyst estimates 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 expect that Alumis Inc. will post -2.95 earnings per share for the current year.

Insider Buying and Selling

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of Alumis stock in a transaction dated Tuesday, September 8th. The shares were sold at an average price of $10.55, for a total value of $1,014,182.05. Following the completion of the sale, the director owned 2,025,493 shares in the company, valued at $21,368,951.15. The trade was a 4.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jorn Drappa sold 2,447 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $64,527.39. Following the completion of the sale, the insider directly owned 56,892 shares of the company's stock, valued at $1,500,242.04. This represents a 4.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 116,084 shares of company stock valued at $1,548,493 in the last 90 days. 33.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alumis

A number of hedge funds and other institutional investors have recently made changes to their positions in ALMS. California State Teachers Retirement System increased its holdings in Alumis by 2,222.5% in the 1st quarter. California State Teachers Retirement System now owns 80,845 shares of the company's stock valued at $1,781,000 after buying an additional 77,364 shares during the period. First Trust Advisors LP bought a new stake in shares of Alumis during the 1st quarter worth approximately $1,456,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Alumis by 775.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company's stock worth $3,407,000 after acquiring an additional 136,973 shares during the period. Elmind Capital LP acquired a new stake in shares of Alumis during the 2nd quarter worth approximately $3,658,200. Finally, Bank of New York Mellon Corp bought a new position in Alumis in the second quarter valued at approximately $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 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.

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