Alumis (NASDAQ:ALMS) Shares Gap Down to $11.86

Alumis Inc. (NASDAQ:ALMS)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $11.86, but opened at $11.59. Alumis shares last traded at $11.59, with a volume of 472 shares changing hands.

Analyst Upgrades and Downgrades

ALMS has been the subject of a number of research reports. Leerink Partners initiated coverage on shares of Alumis in a research note on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 target price for the company. Leerink Partnrs upgraded Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research note on Monday, August 19th. Guggenheim assumed coverage on Alumis in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $32.00 price objective for the company. Finally, Morgan Stanley started coverage on Alumis in a research note on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 target price on the stock. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Alumis presently has an average rating of “Buy” and a consensus price target of $27.50.

Alumis Price Performance

The company’s fifty day moving average price is $12.25.

Alumis (NASDAQ:ALMS) last announced its earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share for the quarter, missing the consensus estimate of ($1.57) by ($21.53). As a group, equities analysts forecast that Alumis Inc. will post -6.86 EPS for the current fiscal year.

Institutional Trading of Alumis

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Maven Securities LTD purchased a new stake in shares of Alumis in the second quarter valued at approximately $332,000. Millennium Management LLC purchased a new stake in Alumis in the 2nd quarter worth $3,376,000. Towerview LLC acquired a new position in Alumis during the second quarter worth $4,123,000. Ally Bridge Group NY LLC purchased a new position in Alumis during the second quarter valued at $8,229,000. Finally, Yu Fan acquired a new stake in shares of Alumis in the second quarter valued at about $10,502,000.

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.