Alumis (NASDAQ:ALMS) Shares Down 4.5% – What’s Next?

Alumis Inc. (NASDAQ:ALMS)’s share price traded down 4.5% during mid-day trading on Wednesday . The stock traded as low as $12.39 and last traded at $12.39. 12,155 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 166,725 shares. The stock had previously closed at $12.98.

Analyst Upgrades and Downgrades

Several research firms have issued reports on ALMS. Leerink Partnrs upgraded shares of Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald reissued an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Leerink Partners began coverage on Alumis in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price target on the stock. HC Wainwright initiated coverage on Alumis in a research note on Thursday, October 17th. They issued a “buy” rating and a $30.00 price objective for the company. Finally, Morgan Stanley started coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 target price on the stock. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Alumis presently has an average rating of “Buy” and an average price target of $28.00.

Alumis Stock Down 0.6 %

The business has a 50-day moving average of $11.63.

Alumis (NASDAQ:ALMS) last released its quarterly earnings results on Tuesday, August 13th. The company reported ($23.10) EPS for the quarter, missing the consensus estimate of ($1.57) by ($21.53). On average, research analysts predict that Alumis Inc. will post -6.86 EPS for the current year.

Hedge Funds Weigh In On Alumis

Large investors have recently made changes to their positions in the stock. Maven Securities LTD purchased a new stake in Alumis during the second quarter worth $332,000. Millennium Management LLC acquired a new position in shares of Alumis during the 2nd quarter worth $3,376,000. Towerview LLC purchased a new stake in shares of Alumis in the 2nd quarter worth about $4,123,000. Ally Bridge Group NY LLC acquired a new stake in Alumis in the 2nd quarter valued at about $8,229,000. Finally, Yu Fan purchased a new position in Alumis during the 2nd quarter valued at about $10,502,000.

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.