Alumis (NASDAQ:ALMS) Trading 9.8% Higher – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s share price shot up 9.8% during mid-day trading on Monday . The company traded as high as $27.19 and last traded at $26.90. 367,527 shares traded hands during trading, a decline of 94% from the average session volume of 6,138,477 shares. The stock had previously closed at $24.51.

Wall Street Analysts Forecast Growth

A number of research firms have commented on ALMS. Guggenheim lifted their target price on shares of Alumis from $18.00 to $32.00 and gave the stock a “buy” rating in a report on Wednesday, January 7th. Chardan Capital started coverage on Alumis in a research report on Wednesday, January 21st. They set a “buy” rating and a $37.00 target price for the company. Morgan Stanley increased their price target on shares of Alumis from $22.00 to $33.00 and gave the company an “overweight” rating in a research report on Wednesday, January 7th. UBS Group restated an “outperform” rating on shares of Alumis in a report on Tuesday, January 6th. Finally, Loop Capital set a $37.00 price target on shares of Alumis in a research report on Wednesday, January 21st. Ten analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $37.50.

Alumis Stock Performance

The business has a 50-day simple moving average of $16.21 and a two-hundred day simple moving average of $8.69.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The firm had revenue of $2.07 million for the quarter, compared to analyst estimates of $3.14 million. Sell-side analysts expect that Alumis Inc. will post -8.51 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Srinivas Akkaraju acquired 588,235 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was bought at an average price of $17.00 per share, with a total value of $9,999,995.00. Following the acquisition, the director owned 1,853,488 shares in the company, valued at $31,509,296. This represents a 46.49% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James B. Tananbaum purchased 411,764 shares of the business’s stock in a transaction on Thursday, January 8th. The stock was purchased at an average price of $17.00 per share, with a total value of $6,999,988.00. Following the purchase, the director owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. The trade was a 7.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders bought 4,612,402 shares of company stock worth $49,352,316 over the last 90 days. Company insiders own 40.70% of the company’s stock.

Hedge Funds Weigh In On Alumis

Several institutional investors and hedge funds have recently made changes to their positions in ALMS. Russell Investments Group Ltd. boosted its position in shares of Alumis by 320.9% in the third quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after acquiring an additional 4,894 shares during the period. Police & Firemen s Retirement System of New Jersey raised its holdings in Alumis by 199.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock valued at $32,000 after acquiring an additional 7,165 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of Alumis by 173.7% during the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock valued at $35,000 after acquiring an additional 7,467 shares during the period. Western Wealth Management LLC bought a new position in shares of Alumis in the second quarter worth $36,000. Finally, ProShare Advisors LLC bought a new stake in Alumis during the second quarter worth about $40,000.

Alumis Company Profile

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.