Alumis (NASDAQ:ALMS) Stock Price Down 9.9% After Analyst Downgrade

Alumis Inc. (NASDAQ:ALMS) shares were down 9.9% on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock traded as low as $20.78 and last traded at $20.6090. Approximately 412,768 shares changed hands during trading, a decline of 83% from the average daily volume of 2,409,241 shares. The stock had previously closed at $22.87.

Other equities research analysts have also issued reports about the company. Morgan Stanley reaffirmed an “overweight” rating and issued a $39.00 target price on shares of Alumis in a research report on Friday. Loop Capital set a $37.00 target price on Alumis in a research report on Wednesday, January 21st. Oppenheimer raised their price target on shares of Alumis from $50.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, March 30th. Stifel Nicolaus assumed coverage on shares of Alumis in a research note on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on shares of Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.10.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Russell Investments Group Ltd. raised its stake 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 last quarter. New York State Common Retirement Fund raised its stake in shares of Alumis by 173.7% in the second 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 last quarter. CWM LLC raised its stake in shares of Alumis by 1,028.7% in the third quarter. CWM LLC now owns 10,384 shares of the company’s stock valued at $41,000 after acquiring an additional 9,464 shares during the last quarter. KBC Group NV bought a new position in shares of Alumis in the first quarter valued at approximately $42,000. Finally, Strs Ohio raised its stake in shares of Alumis by 300.0% in the first quarter. Strs Ohio now owns 2,000 shares of the company’s stock valued at $44,000 after acquiring an additional 1,500 shares during the last quarter.

Alumis Stock Down 8.9%

The stock has a fifty day moving average of $24.44 and a 200-day moving average of $19.08. The firm has a market capitalization of $2.65 billion, a P/E ratio of -10.51 and a beta of -0.31.

Alumis (NASDAQ:ALMS) last released its quarterly earnings results on Thursday, May 14th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.01). Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%. The business had revenue of $1.74 million during the quarter, compared to the consensus estimate of $2.10 million. As a group, analysts forecast that Alumis Inc. will post -3.06 EPS for the current fiscal year.

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.