Alumis (NASDAQ:ALMS) Stock Price Down 6.8% - Time to Sell?

Key Points

• Alumis shares fell 6.8% to $6.58, with trading volume 67% below the average session volume. The stock remains well below its 50-day and 200-day moving averages.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and a $33.27 price target, although Morgan Stanley recently cut its target to $29 and one firm downgraded the stock to “Sell.”
• The clinical-stage biopharmaceutical company reported a larger-than-expected quarterly loss and weaker-than-expected revenue, while insiders sold approximately $1.4 million of shares over the past quarter.

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s share price fell 6.8% on Tuesday. The company traded as low as $6.62 and last traded at $6.58. Approximately 755,198 shares were traded during trading, a decline of 67% from the average session volume of 2,254,329 shares. The stock had previously closed at $7.06.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ALMS. Wall Street Zen downgraded Alumis from a "hold" rating to a "sell" rating in a report on Saturday, September 5th. Citigroup restated an "overweight" rating on shares of Alumis in a research note on Tuesday, September 1st. Benchmark reaffirmed a "buy" rating on shares of Alumis in a research report on Monday, October 5th. Morgan Stanley dropped 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. Finally, Robert W. Baird set a $27.00 target price on Alumis in a research note on Tuesday, September 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Alumis currently has a consensus rating of "Moderate Buy" and a consensus price target of $33.27.

Alumis Stock Down 7.2%

The firm's 50 day simple moving average is $14.93 and its 200 day simple moving average is $21.11. The company has a market cap of $848.41 million, a price-to-earnings ratio of -1.70 and a beta of -0.38.

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 analysts' consensus estimates of ($0.77) by ($0.34). The business had revenue of $1.66 million for the quarter, compared to the consensus estimate of $3.65 million. Alumis had a negative net margin of 5,933.46% and a negative return on equity of 93.15%. Analysts anticipate that Alumis Inc. will post -2.95 EPS for the current fiscal year.

Insider Transactions at Alumis

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of Alumis stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the sale, the director owned 2,025,493 shares of the company's stock, valued at $21,368,951.15. The trade was a 4.53% 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 Roy Hardiman sold 2,692 shares of Alumis stock in a transaction 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 sale, the insider directly owned 207,746 shares in the company, valued at $5,478,262.02. The trade was a 1.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 111,084 shares of company stock worth $1,408,493 over the last quarter. Insiders own 33.70% of the company's stock.

Institutional Investors Weigh In On Alumis

A number of hedge funds and other institutional investors have recently modified their holdings of ALMS. Integrated Wealth Concepts LLC acquired a new stake in Alumis in the second quarter worth approximately $33,000. Strs Ohio boosted its stake in Alumis by 300.0% during the 1st quarter. Strs Ohio now owns 2,000 shares of the company's stock valued at $44,000 after purchasing an additional 1,500 shares in the last quarter. KBC Group NV acquired a new position in shares of Alumis during the 1st quarter valued at $42,000. State of Wyoming acquired a new position in shares of Alumis during the 1st quarter valued at $57,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Alumis by 12.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 23,115 shares of the company's stock valued at $509,000 after purchasing an additional 2,599 shares during the period.

Alumis Company Profile

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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