Alumis (NASDAQ:ALMS) Shares Gap Down Following Analyst Downgrade

Alumis Inc. (NASDAQ:ALMS) gapped down prior to trading on Friday after HC Wainwright downgraded the stock from a buy rating to a neutral rating. The stock had previously closed at $24.63, but opened at $22.55. HC Wainwright now has a $25.00 price target on the stock. Alumis shares last traded at $24.0650, with a volume of 91,057 shares.

ALMS has been the topic of several other reports. Raymond James Financial assumed coverage on shares of Alumis in a report on Tuesday, March 10th. They issued a “strong-buy” rating and a $46.00 price objective on the stock. Morgan Stanley boosted their target price on shares of Alumis from $33.00 to $38.00 and gave the company an “overweight” rating in a research report on Friday, March 20th. Stifel Nicolaus assumed coverage on shares of Alumis in a report on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target on the stock. Loop Capital set a $37.00 price target on Alumis in a research report on Wednesday, January 21st. Finally, Chardan Capital reiterated a “buy” rating and set a $38.00 price objective on shares of Alumis in a research note on Monday, March 30th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

Institutional Trading of Alumis

A number of institutional investors and hedge funds have recently made changes to their positions in ALMS. Samsara Biocapital LLC lifted 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. raised its position 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 acquiring an additional 625,404 shares during the period. Cormorant Asset Management LP raised 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 worth $35,483,000 after acquiring an additional 1,488,200 shares during the period. MPM Bioimpact LLC purchased a new position in Alumis during the fourth quarter valued at $23,443,000. Finally, Orbimed Advisors LLC purchased a new position in Alumis during the second quarter valued at $5,779,000.

Alumis Stock Down 3.7%

The company’s 50-day moving average price is $24.56 and its 200-day moving average price is $18.95. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of -7.78 and a beta of -0.31.

Alumis (NASDAQ:ALMS) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.79) by $0.05. Alumis had a negative return on equity of 116.97% and a negative net margin of 1,011.75%.The company had revenue of $1.74 million for the quarter, compared to analysts’ expectations of $2.49 million. Analysts predict that Alumis Inc. will post -3.06 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.