Alumis (NASDAQ:ALMS) Shares Gap Up on Insider Buying Activity

Alumis Inc. (NASDAQ:ALMS) gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $5.57, but opened at $5.95. Alumis shares last traded at $5.97, with a volume of 194,647 shares traded.

Specifically, Director Srinivas Akkaraju acquired 276,179 shares of Alumis stock in a transaction that occurred on Thursday, November 13th. The stock was bought at an average cost of $5.25 per share, for a total transaction of $1,449,939.75. Following the acquisition, the director owned 276,179 shares of the company’s stock, valued at $1,449,939.75. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

ALMS has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and set a $14.00 target price on shares of Alumis in a research note on Thursday, August 14th. Weiss Ratings restated a “sell (d-)” rating on shares of Alumis in a research report on Thursday, November 13th. Wells Fargo & Company assumed coverage on shares of Alumis in a report on Friday, July 25th. They issued an “overweight” rating and a $17.00 target price on the stock. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Morgan Stanley lowered their price target on Alumis from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 15th. Six analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.20.

Alumis Price Performance

The company’s 50-day simple moving average is $4.56 and its two-hundred day simple moving average is $4.22. The firm has a market capitalization of $667.05 million, a P/E ratio of -1.58 and a beta of -1.35.

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

Institutional Trading of Alumis

Hedge funds have recently bought and sold shares of the stock. 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 worth $26,000 after buying an additional 4,894 shares during the period. CWM LLC increased its holdings in Alumis by 1,028.7% in the 3rd quarter. CWM LLC now owns 10,384 shares of the company’s stock worth $41,000 after acquiring an additional 9,464 shares in the last quarter. Kera Capital Partners Inc. purchased a new stake in Alumis in the 2nd quarter worth approximately $32,000. Corebridge Financial Inc. raised its stake in Alumis by 53.0% during the 1st quarter. Corebridge Financial Inc. now owns 10,658 shares of the company’s stock worth $65,000 after acquiring an additional 3,693 shares during the period. Finally, Police & Firemen s Retirement System of New Jersey lifted its holdings in Alumis by 199.7% during the second 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 in the last quarter.

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.