Alumis (NASDAQ:ALMS) Shares Gap Up on Insider Buying Activity

Key Points

• Alumis shares initially jumped from a $9.80 close to a $10.55 open after director Srinivas Akkaraju disclosed two purchases totaling 986,721 shares and more than $10.7 million.
• Analyst sentiment remains mixed but leans positive, with a consensus “Moderate Buy” rating and a $33.27 price target, despite several recent target-price reductions and one downgrade to neutral.
• The clinical-stage biopharmaceutical company reported weaker-than-expected quarterly results, including a $1.11 per-share loss versus the $0.77 consensus estimate and revenue of $1.66 million versus $3.65 million expected.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) gapped up prior to trading on Thursday following insider buying activity. The stock had previously closed at $9.80, but opened at $10.55. Alumis shares last traded at $10.0110, with a volume of 789,026 shares trading hands.

Specifically, Director Srinivas Akkaraju purchased 546,581 shares of the stock in a transaction on Tuesday, September 8th. The shares were purchased at an average cost of $10.63 per share, with a total value of $5,810,156.03. Following the acquisition, the director directly owned 4,937,026 shares in the company, valued at $52,480,586.38. The trade was a 12.45% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Srinivas Akkaraju acquired 440,140 shares of the business's stock in a transaction on Friday, September 4th. The shares were bought at an average price of $11.17 per share, with a total value of $4,916,363.80. Following the completion of the transaction, the director directly owned 4,711,801 shares of the company's stock, valued at approximately $52,630,817.17. The trade was a 10.30% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Morgan Stanley decreased their target price on Alumis from $39.00 to $29.00 and set an "overweight" rating on the stock in a research report on Wednesday, September 2nd. HC Wainwright upgraded Alumis from a "neutral" rating to a "buy" rating and reduced their price target for the company from $25.00 to $15.00 in a research note on Wednesday, September 2nd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Alumis in a report on Tuesday, July 7th. Guggenheim cut Alumis from a "buy" rating to a "neutral" rating in a research report on Thursday, September 3rd. Finally, Oppenheimer dropped their target price on Alumis from $55.00 to $37.00 and set an "outperform" rating for the company in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Alumis currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.27.

Alumis Stock Performance

The stock has a market capitalization of $1.29 billion, a price-to-earnings ratio of -2.58 and a beta of -0.81. The company has a fifty day simple moving average of $24.32 and a two-hundred day simple moving average of $24.24.

Alumis (NASDAQ:ALMS - Get Free Report) last released its earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share 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 company had revenue of $1.66 million for the quarter, compared to the consensus estimate of $3.65 million. As a group, equities analysts anticipate that Alumis Inc. will post -2.95 earnings per share for the current year.

Hedge Funds Weigh In On Alumis

Several hedge funds have recently bought and sold shares of ALMS. BlackRock Inc. acquired a new position in Alumis during the second quarter valued at approximately $231,259,000. venBio Partners LLC acquired a new stake in shares of Alumis in the 2nd quarter valued at $127,429,401. MPM Bioimpact LLC bought a new position in shares of Alumis in the 4th quarter valued at $23,443,000. Jupiter Topco LLC bought a new position in shares of Alumis in the 2nd quarter valued at $66,238,000. Finally, California State Teachers Retirement System raised its holdings in shares of Alumis by 2,643.4% during the 2nd quarter. California State Teachers Retirement System now owns 2,217,939 shares of the company's stock worth $62,413,000 after buying an additional 2,137,094 shares in the last quarter.

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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