Alumis (NASDAQ:ALMS) Trading Down 6.7% – Should You Sell?

Alumis Inc. (NASDAQ:ALMS)’s share price dropped 6.7% during mid-day trading on Wednesday . The company traded as low as $26.29 and last traded at $26.21. Approximately 624,715 shares changed hands during trading, a decline of 82% from the average daily volume of 3,459,189 shares. The stock had previously closed at $28.10.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ALMS. UBS Group reissued an “outperform” rating on shares of Alumis in a research note on Tuesday, January 6th. Citigroup reiterated an “outperform” rating on shares of Alumis in a research note on Tuesday, January 6th. Chardan Capital assumed coverage on shares of Alumis in a research note on Wednesday, January 21st. They set a “buy” rating and a $37.00 price objective on the stock. Morgan Stanley upped their target price on shares of Alumis from $22.00 to $33.00 and gave the company an “overweight” rating in a report on Wednesday, January 7th. Finally, Leerink Partners raised their target price on shares of Alumis from $20.00 to $32.00 and gave the company an “outperform” rating in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Alumis Price Performance

The stock has a market capitalization of $2.59 billion, a P/E ratio of -6.13 and a beta of -2.15. The stock’s 50-day simple moving average is $25.47 and its 200 day simple moving average is $13.00.

Insider Activity at Alumis

In other Alumis news, major shareholder Foresite Capital Management Vi purchased 411,764 shares of the company’s stock in a transaction dated Thursday, January 8th. The stock was bought at an average cost of $17.00 per share, for a total transaction of $6,999,988.00. Following the completion of the transaction, the insider owned 5,702,536 shares in the company, valued at approximately $96,943,112. This represents a 7.78% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, major shareholder Foresite Labs, Llc purchased 411,764 shares of Alumis stock in a transaction that occurred on Thursday, January 8th. The shares were bought at an average cost of $17.00 per share, for a total transaction of $6,999,988.00. Following the transaction, the insider directly owned 5,702,536 shares of the company’s stock, valued at $96,943,112. This represents a 7.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders acquired 1,823,527 shares of company stock worth $30,999,959. 40.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Alumis

A number of large investors have recently modified their holdings of the business. MPM Bioimpact LLC acquired a new stake in Alumis in the fourth quarter valued at about $23,443,000. Orbimed Advisors LLC bought a new stake in shares of Alumis during the 2nd quarter valued at approximately $5,779,000. Velan Capital Investment Management LP acquired a new position in Alumis during the 2nd quarter worth approximately $4,863,000. Woodline Partners LP increased its position in Alumis by 809.7% during the 3rd quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after purchasing an additional 1,558,660 shares in the last quarter. Finally, Samsara Biocapital LLC lifted its stake in Alumis by 47.0% in the 2nd quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company’s stock valued at $14,404,000 after purchasing an additional 1,534,872 shares during the last quarter.

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.