Alumis (NASDAQ:ALMS) Stock Price Down 9.4% After Analyst Downgrade

Key Points

• Alumis shares fell 9.4% to about $5.56 after HC Wainwright cut its price target from $15 to $9, while maintaining a Buy rating. Trading volume was 90% below average.
• Analyst views remain mixed: MarketBeat reports a Moderate Buy consensus and an average price target of $32.73, despite recent downgrades and rating cuts from some firms.
• Alumis reported a quarterly loss of $0.73 per share, slightly better than estimates, and revenue of $1.91 million, roughly in line with forecasts. A director also sold 96,131 shares at an average price of $10.55.

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s stock price fell 9.4% during trading on Friday after HC Wainwright lowered their price target on the stock from $15.00 to $9.00. HC Wainwright currently has a buy rating on the stock. Alumis traded as low as $5.58 and last traded at $5.5550. 230,123 shares were traded during trading, a decline of 90% from the average session volume of 2,215,260 shares. The stock had previously closed at $6.13.

A number of other equities analysts have also weighed in on the company. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Alumis in a research note on Wednesday, September 16th. Wall Street Zen downgraded Alumis from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Guggenheim cut Alumis from a "buy" rating to a "neutral" rating in a report on Thursday, September 3rd. Robert W. Baird set a $27.00 price target on Alumis in a report on Tuesday, September 1st. Finally, Benchmark restated a "buy" rating on shares of Alumis in a research note on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.73.

Insider Transactions at Alumis

In other news, Director Srinivas Akkaraju sold 96,131 shares of the company's stock in a transaction that occurred 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 directly owned 2,025,493 shares of the company's stock, valued at $21,368,951.15. This represents a 4.53% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 99,754 shares of company stock valued at $1,037,804. Insiders own 33.70% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new position in Alumis during the second quarter valued at $231,259,000. venBio Partners LLC bought a new stake in shares of Alumis in the 2nd quarter worth about $127,429,401. Jupiter Topco LLC purchased a new stake in shares of Alumis during the 2nd quarter valued at about $66,238,000. Octagon Capital Advisors LP raised its position in shares of Alumis by 11.9% during the 1st quarter. Octagon Capital Advisors LP now owns 2,830,700 shares of the company's stock valued at $62,360,000 after buying an additional 300,000 shares in the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Alumis in the 1st quarter valued at about $46,790,000.

Alumis Stock Performance

The stock's fifty day moving average is $7.36 and its 200 day moving average is $20.56. The stock has a market cap of $717.43 million, a P/E ratio of -1.44 and a beta of -0.28.

Alumis (NASDAQ:ALMS - Get Free Report) last released its quarterly earnings results on Thursday, November 12th. The company reported ($0.73) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.03. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. The company had revenue of $1.91 million during the quarter, compared to analyst estimates of $1.90 million. Equities research analysts predict that Alumis Inc. will post -2.95 EPS for the current year.

About Alumis

Alumis is a clinical-stage biopharmaceutical company developing medicines for autoimmune and inflammatory diseases. The company uses data and computational tools to support the discovery and development of targeted treatments. Its lead investigational program, ESK-001, is an oral, selective TYK2 inhibitor being studied for conditions including plaque psoriasis and systemic lupus erythematosus. Alumis is also advancing other drug candidates for immune-mediated diseases. These medicines remain in clinical development and are not approved for commercial use.

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