Alumis (NASDAQ:ALMS) Trading Up 7.2% – Should You Buy?

Alumis Inc. (NASDAQ:ALMS)’s share price was up 7.2% during mid-day trading on Thursday . The company traded as high as $26.97 and last traded at $27.4850. Approximately 773,146 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 4,782,586 shares. The stock had previously closed at $25.63.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ALMS shares. Wells Fargo & Company upped their target price on shares of Alumis from $17.00 to $39.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Leerink Partners upped their price objective on Alumis from $20.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. Oppenheimer reiterated an “outperform” rating and issued a $50.00 price objective on shares of Alumis in a research report on Tuesday, January 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Alumis in a research report on Monday, December 29th. Finally, Chardan Capital assumed coverage on Alumis in a research note on Wednesday, January 21st. They set a “buy” rating and a $37.00 price target on the stock. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $37.50.

Alumis Stock Performance

The company has a 50-day moving average price of $18.74 and a 200-day moving average price of $9.75. The firm has a market capitalization of $2.77 billion, a P/E ratio of -6.55 and a beta of -2.06.

Alumis (NASDAQ:ALMS) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The company had revenue of $2.07 million during the quarter, compared to analyst estimates of $3.14 million. Equities analysts predict that Alumis Inc. will post -8.51 EPS for the current year.

Insider Buying and Selling

In other news, major shareholder Foresite Capital Management Vi acquired 411,764 shares of Alumis stock in a transaction that occurred on Thursday, January 8th. The shares were acquired at an average price of $17.00 per share, with a total value of $6,999,988.00. Following the purchase, the insider directly owned 5,702,536 shares of the company’s stock, valued at $96,943,112. The trade was a 7.78% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Foresite Labs, Llc acquired 411,764 shares of the firm’s stock in a transaction that occurred on Thursday, January 8th. The shares were purchased at an average price of $17.00 per share, with a total value of $6,999,988.00. Following the acquisition, the insider owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. This trade represents a 7.78% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 4,336,223 shares of company stock valued at $47,902,376. Insiders own 40.70% of the company’s stock.

Institutional Trading of Alumis

Several hedge funds have recently added to or reduced their stakes in ALMS. Russell Investments Group Ltd. increased its holdings 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 worth $26,000 after acquiring an additional 4,894 shares in the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in shares of Alumis by 199.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock valued at $32,000 after purchasing an additional 7,165 shares during the period. New York State Common Retirement Fund increased its stake in Alumis by 173.7% during the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after purchasing an additional 7,467 shares in the last quarter. Western Wealth Management LLC acquired a new stake in Alumis during the 2nd quarter worth approximately $36,000. Finally, ProShare Advisors LLC bought a new position in Alumis in the second quarter valued at approximately $40,000.

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.