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

Alumis Inc. (NASDAQ:ALMS)’s stock price traded down 9.4% 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.

Several other research analysts have also commented on the stock. Wells Fargo & Company dropped their price objective on shares of Alumis from $51.00 to $25.00 and set an “overweight” rating for the company in a research note on Wednesday, September 2nd. Citigroup reiterated an “overweight” rating on shares of Alumis in a research report on Tuesday, September 1st. Morgan Stanley reduced their target price on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Robert W. Baird set a $27.00 target price on shares of Alumis in a research note on Tuesday, September 1st. Finally, Wall Street Zen lowered shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, Alumis currently has an average rating of “Moderate Buy” and a consensus target price of $32.73.

Insider Buying and Selling at Alumis

In other news, Director Srinivas Akkaraju sold 96,131 shares of the business’s stock in a transaction on Tuesday, September 8th. The shares were sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the completion of the sale, the director directly owned 2,025,493 shares of the company’s stock, valued at approximately $21,368,951.15. The trade was a 4.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold 99,754 shares of company stock worth $1,037,804 in the last ninety days. 33.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ALMS. Polymer Capital Management US LLC bought a new stake in Alumis during the 3rd quarter valued at about $152,000. First Trust Advisors LP grew its stake in Alumis by 244.8% in the 3rd quarter. First Trust Advisors LP now owns 324,311 shares of the company’s stock worth $2,397,000 after acquiring an additional 230,265 shares in the last quarter. Ieq Capital LLC bought a new position in Alumis in the 3rd quarter worth about $306,000. Pictet Asset Management Holding SA grew its stake in Alumis by 6,070.7% in the 3rd quarter. Pictet Asset Management Holding SA now owns 647,366 shares of the company’s stock worth $4,784,000 after acquiring an additional 636,875 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Alumis during the third quarter worth approximately $49,000.

Alumis Price Performance

The stock’s 50-day moving average price is $7.36 and its 200 day moving average price is $20.56. The firm has a market capitalization of $717.43 million, a PE ratio of -1.44 and a beta of -0.28.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, November 12th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.91 million during the quarter, compared to analyst estimates of $1.90 million. Equities research analysts forecast that Alumis Inc. will post -2.95 earnings per share for the current fiscal 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.