Alumis (NASDAQ:ALMS) Shares Up 7.6% After Analyst Upgrade

Key Points

• Alumis shares rose 7.6% after HC Wainwright upgraded the stock from Neutral to Buy, though it lowered its price target to $15 from $25.
• Analyst sentiment remains broadly positive, with a consensus rating of Moderate Buy and an average price target of $33.27; Morgan Stanley, Guggenheim, Citigroup and Robert W. Baird also maintain favorable views.
• The company reported weaker-than-expected quarterly results, including an adjusted loss of $1.11 per share versus estimates of $0.77 and revenue of $1.66 million versus expectations of $3.65 million.

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s stock price traded up 7.6% during trading on Thursday after HC Wainwright upgraded the stock from a neutral rating to a buy rating. HC Wainwright now has a $15.00 price target on the stock, down from their previous price target of $25.00. Alumis traded as high as $11.24 and last traded at $11.1320. Approximately 1,776,832 shares changed hands during mid-day trading, a decline of 16% from the average daily volume of 2,107,628 shares. The stock had previously closed at $10.35.

Several other research firms have also commented on ALMS. Morgan Stanley restated an "overweight" rating and issued a $39.00 price objective on shares of Alumis in a research report on Friday, May 15th. Wall Street Zen upgraded shares of Alumis from a "strong sell" rating to a "hold" rating in a research note on Sunday, August 23rd. Guggenheim increased their price target on shares of Alumis from $32.00 to $34.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Citigroup restated an "overweight" rating on shares of Alumis in a research report on Tuesday. Finally, Robert W. Baird set a $27.00 price objective on shares of Alumis in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $33.27.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Alumis

Several large investors have recently modified their holdings of the business. Ieq Capital LLC grew its holdings in shares of Alumis by 4.1% in the fourth quarter. Ieq Capital LLC now owns 17,421 shares of the company's stock valued at $170,000 after purchasing an additional 690 shares in the last quarter. Strs Ohio grew its stake in shares of Alumis by 300.0% in the first quarter. Strs Ohio now owns 2,000 shares of the company's stock worth $44,000 after acquiring an additional 1,500 shares in the last quarter. ProShare Advisors LLC increased its position in shares of Alumis by 12.4% during the fourth quarter. ProShare Advisors LLC now owns 14,627 shares of the company's stock worth $143,000 after acquiring an additional 1,618 shares during the period. KBC Group NV acquired a new stake in shares of Alumis in the first quarter valued at $42,000. Finally, State of Wyoming purchased a new position in Alumis in the first quarter valued at $57,000.

Alumis Stock Performance

The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -2.88 and a beta of -0.81. The company has a 50 day moving average of $25.91 and a 200 day moving average of $24.82.

Alumis (NASDAQ:ALMS - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. As a group, research analysts expect that Alumis Inc. will post -2.95 EPS for the current fiscal year.

Alumis Company 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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