Alumis (NASDAQ:ALMS) Trading Up 3.8% – Here’s What Happened

Alumis Inc. (NASDAQ:ALMS) shares were up 3.8% during mid-day trading on Tuesday . The company traded as high as $10.74 and last traded at $10.74. Approximately 1,695 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 179,681 shares. The stock had previously closed at $10.35.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Leerink Partnrs raised shares of Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Morgan Stanley began coverage on Alumis in a research report on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 price target on the stock. Guggenheim began coverage on Alumis in a research note on Tuesday, July 23rd. They set a “buy” rating and a $32.00 target price for the company. Finally, Leerink Partners initiated coverage on shares of Alumis in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $29.00 price target on the stock. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $27.50.

Alumis Price Performance

The firm’s fifty day simple moving average is $11.90.

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

Institutional Trading of Alumis

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