Short Interest in Alumis Inc. (NASDAQ:ALMS) Drops By 52.7%

Key Points

• Alumis’ short interest fell 52.7% to 6.76 million shares as of July 15, representing 8.0% of shares outstanding and a days-to-cover ratio of 3.8.
• Institutional investors increased their positions, while insider Sanam Pangali sold 5,000 shares for $140,000, reducing their personal holdings by 31.03%.
• Analysts maintain a “Moderate Buy” consensus with a $40.30 average price target, although Alumis recently missed quarterly earnings and revenue estimates and opened at $27.08.

Alumis Inc. (NASDAQ:ALMS - Get Free Report) was the target of a large decrease in short interest in July. As of July 15th, there was short interest totaling 6,764,417 shares, a decrease of 52.7% from the June 30th total of 14,294,503 shares. Based on an average daily volume of 1,774,538 shares, the days-to-cover ratio is currently 3.8 days. Currently, 8.0% of the company's shares are sold short.

Insider Activity at Alumis

In other news, insider Sanam Pangali sold 5,000 shares of Alumis stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $28.00, for a total transaction of $140,000.00. Following the sale, the insider owned 11,111 shares of the company's stock, valued at approximately $311,108. The trade was a 31.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 33.70% of the company's stock.

Institutional Trading of Alumis

Large investors have recently made changes to their positions in the business. Samsara Biocapital LLC raised its position in shares of Alumis by 19.9% during the 4th quarter. Samsara Biocapital LLC now owns 5,756,984 shares of the company's stock valued at $56,188,000 after buying an additional 955,614 shares in the last quarter. Vanguard Group Inc. boosted its stake in Alumis by 18.4% during the third quarter. Vanguard Group Inc. now owns 4,029,615 shares of the company's stock worth $16,078,000 after buying an additional 625,404 shares during the period. Cormorant Asset Management LP increased its position in Alumis by 69.3% during the fourth quarter. Cormorant Asset Management LP now owns 3,635,596 shares of the company's stock valued at $35,483,000 after acquiring an additional 1,488,200 shares during the last quarter. Octagon Capital Advisors LP lifted its holdings in shares of Alumis by 11.9% in the 1st quarter. Octagon Capital Advisors LP now owns 2,830,700 shares of the company's stock worth $62,360,000 after acquiring an additional 300,000 shares during the last quarter. Finally, MPM Bioimpact LLC purchased a new position in shares of Alumis during the 4th quarter worth about $23,443,000.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Chardan Capital raised their target price on Alumis from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Tuesday, May 19th. Wall Street Zen cut shares of Alumis from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Oppenheimer increased their target price on Alumis from $50.00 to $55.00 and gave the stock an "outperform" rating in a research note on Monday, March 30th. HC Wainwright lowered shares of Alumis from a "buy" rating to a "neutral" rating and set a $25.00 price objective for the company. in a report on Friday, May 15th. Finally, Wells Fargo & Company upped their target price on shares of Alumis from $49.00 to $51.00 and gave the company an "overweight" rating in a research note on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.30.

Alumis Trading Down 3.3%

NASDAQ:ALMS opened at $27.08 on Tuesday. Alumis has a 12-month low of $3.75 and a 12-month high of $31.35. The stock has a market capitalization of $3.45 billion, a P/E ratio of -13.68 and a beta of -0.73. The stock has a 50-day moving average price of $24.62 and a 200 day moving average price of $24.91.

Alumis (NASDAQ:ALMS - Get Free Report) last posted its earnings results on Thursday, May 14th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.01). The company had revenue of $1.74 million for the quarter, compared to analysts' expectations of $2.10 million. Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%. On average, research analysts predict that Alumis will post -2.87 earnings per share for the current fiscal year.

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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