Alumis (NASDAQ:ALMS) Shares Down 6.8% – Should You Sell?

Alumis Inc. (NASDAQ:ALMS)’s stock price fell 6.8% during mid-day trading on Tuesday. The company traded as low as $6.62 and last traded at $6.58. 755,198 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 2,254,329 shares. The stock had previously closed at $7.06.

Analyst Ratings Changes

A number of brokerages recently commented on ALMS. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Benchmark restated a “buy” rating on shares of Alumis in a research report on Monday, October 5th. HC Wainwright reaffirmed a “buy” rating on shares of Alumis in a research note on Monday, October 5th. Oppenheimer dropped their target price on Alumis from $55.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, September 2nd. Finally, Morgan Stanley cut their price target on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Alumis has an average rating of “Moderate Buy” and a consensus target price of $33.27.

Alumis Stock Up 3.9%

The company’s 50 day moving average price is $14.10 and its 200 day moving average price is $20.84. The firm has a market capitalization of $814.79 million, a price-to-earnings ratio of -1.63 and a beta of -0.38.

Alumis (NASDAQ:ALMS) last released 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). The business had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. As a group, analysts expect that Alumis Inc. will post -2.95 earnings per share for the current year.

Insider Activity

In other Alumis news, insider Mark Bradley sold 2,572 shares of the stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $67,823.64. Following the completion of the sale, the insider owned 48,533 shares in the company, valued at approximately $1,279,815.21. This represents a 5.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Srinivas Akkaraju bought 546,581 shares of the firm’s stock in a transaction on Tuesday, September 8th. The stock was acquired at an average cost of $10.63 per share, for a total transaction of $5,810,156.03. Following the completion of the purchase, the director directly owned 4,937,026 shares in the company, valued at approximately $52,480,586.38. This represents a 12.45% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold a total of 111,084 shares of company stock valued at $1,408,493 in the last ninety days. 33.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alumis

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. California State Teachers Retirement System lifted its position in Alumis by 2,222.5% during the 1st quarter. California State Teachers Retirement System now owns 80,845 shares of the company’s stock worth $1,781,000 after acquiring an additional 77,364 shares during the period. First Trust Advisors LP acquired a new position in shares of Alumis in the first quarter valued at approximately $1,456,000. The Manufacturers Life Insurance Company raised its stake in shares of Alumis by 775.6% during the first quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company’s stock worth $3,407,000 after purchasing an additional 136,973 shares during the last quarter. Spruce Street Capital LP purchased a new stake in shares of Alumis during the second quarter worth approximately $11,047,032. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Alumis during the second quarter worth approximately $6,377,000.

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.