Alumis (NASDAQ:ALMS) Shares Up 6.9% – What’s Next?

Shares of Alumis Inc. (NASDAQ:ALMS) rose 6.9% during mid-day trading on Tuesday . The stock traded as high as $11.03 and last traded at $11.03. Approximately 15,396 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 172,448 shares. The stock had previously closed at $10.32.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Leerink Partnrs upgraded Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Guggenheim started coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set a “buy” rating and a $32.00 price objective for the company. Leerink Partners assumed coverage on shares of Alumis in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $29.00 target price on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alumis in a report on Monday, August 19th. Finally, Morgan Stanley began coverage on shares of Alumis in a research note on Tuesday, July 23rd. They issued an “overweight” rating and a $36.00 price objective on the stock. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $27.50.

Alumis Stock Performance

The company has a fifty day moving average price of $11.70.

Alumis (NASDAQ:ALMS) last issued its quarterly earnings data on Tuesday, August 13th. The company reported ($23.10) EPS for the quarter, missing the consensus estimate of ($1.57) by ($21.53). As a group, equities analysts anticipate that Alumis Inc. will post -6.86 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alumis

Hedge funds have recently added to or reduced their stakes in the business. Maven Securities LTD acquired a new position in Alumis in the 2nd quarter valued at approximately $332,000. Millennium Management LLC acquired a new stake in Alumis in the second quarter valued at $3,376,000. Towerview LLC bought a new position in Alumis during the 2nd quarter worth $4,123,000. Ally Bridge Group NY LLC acquired a new position in Alumis during the 2nd quarter worth about $8,229,000. Finally, Yu Fan bought a new stake in shares of Alumis in the 2nd quarter valued at about $10,502,000.

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.