Alumis (NASDAQ:ALMS) Trading Down 8.7% – Should You Sell?

Shares of Alumis Inc. (NASDAQ:ALMS) traded down 8.7% on Wednesday . The company traded as low as $7.42 and last traded at $7.4050. Approximately 707,687 shares changed hands during mid-day trading, a decline of 69% from the average daily volume of 2,258,722 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

Several analysts recently weighed in on ALMS shares. Oppenheimer dropped their price objective on Alumis from $55.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, September 2nd. Guggenheim cut shares of Alumis from a “buy” rating to a “neutral” rating in a report on Thursday, September 3rd. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Robert W. Baird set a $27.00 price target on shares of Alumis in a report on Tuesday, September 1st. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.27.

Alumis Price Performance

The firm has a 50-day simple moving average of $20.78 and a 200 day simple moving average of $22.95. The stock has a market capitalization of $958.43 million, a P/E ratio of -1.91 and a beta of -0.81.

Alumis (NASDAQ:ALMS) last released its quarterly earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($0.77) by ($0.34). Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%.The firm had revenue of $1.66 million for the quarter, compared to the consensus estimate of $3.65 million. Sell-side analysts anticipate that Alumis Inc. will post -2.95 earnings per share for the current fiscal year.

Insider Activity

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of the business’s stock in a transaction that occurred on Tuesday, September 8th. The shares were sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the sale, the director directly owned 2,025,493 shares of the company’s stock, valued at $21,368,951.15. The trade was a 4.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David Goldstein sold 2,596 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $68,456.52. Following the transaction, the insider directly owned 30,970 shares of the company’s stock, valued at $816,678.90. The trade was a 7.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 116,084 shares of company stock worth $1,548,493. Company insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

A number of institutional investors have recently made changes to their positions in ALMS. California State Teachers Retirement System increased its stake in shares of Alumis by 2,222.5% in the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company’s stock valued at $1,781,000 after buying an additional 77,364 shares during the period. First Trust Advisors LP bought a new stake in Alumis in the first quarter valued at approximately $1,456,000. The Manufacturers Life Insurance Company boosted its holdings in Alumis by 775.6% in the first quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company’s stock valued at $3,407,000 after acquiring an additional 136,973 shares during the last quarter. Elmind Capital LP acquired a new stake in Alumis during the 2nd quarter valued at approximately $3,658,200. Finally, Bank of New York Mellon Corp acquired a new stake in Alumis during the 2nd quarter valued at approximately $6,377,000.

About Alumis

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company’s lead investigational product is ESK-001, a selective allosteric tyrosine kinase 2 (TYK2) inhibitor designed to regulate immune signaling while potentially avoiding some safety limitations associated with broader immunosuppressive treatments.

ESK-001 is being evaluated in clinical trials for moderate-to-severe plaque psoriasis and systemic lupus erythematosus.