Alumis (NASDAQ:ALMS) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Alumis (NASDAQ:ALMS) had its price target boosted by stock analysts at Morgan Stanley from $33.00 to $38.00 in a report released on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Morgan Stanley’s price target indicates a potential upside of 51.58% from the stock’s previous close.

Other research analysts have also recently issued reports about the company. HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price (up from $20.00) on shares of Alumis in a research report on Friday, January 9th. Guggenheim increased their price objective on shares of Alumis from $18.00 to $32.00 and gave the company a “buy” rating in a research note on Wednesday, January 7th. Wells Fargo & Company raised their price objective on shares of Alumis from $17.00 to $39.00 and gave the stock an “overweight” rating in a report on Tuesday, January 6th. Chardan Capital lifted their target price on shares of Alumis from $37.00 to $38.00 and gave the company a “buy” rating in a research report on Friday. Finally, UBS Group reissued an “outperform” rating on shares of Alumis in a research note on Tuesday, January 6th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Alumis presently has a consensus rating of “Moderate Buy” and an average target price of $39.60.

Alumis Stock Down 1.2%

Alumis stock opened at $25.07 on Friday. The business has a 50 day moving average price of $26.43 and a two-hundred day moving average price of $13.79. Alumis has a 12 month low of $2.76 and a 12 month high of $30.60. The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -8.19 and a beta of -2.15.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings data on Thursday, March 19th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.90) by ($0.05). The firm had revenue of $1.93 million for the quarter, compared to analyst estimates of $2.75 million. Alumis had a negative return on equity of 113.18% and a negative net margin of 1,011.75%. On average, analysts expect that Alumis will post -8.51 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Foresite Labs, Llc purchased 411,764 shares of the business’s stock in a transaction that occurred on Thursday, January 8th. The stock was purchased at an average cost of $17.00 per share, with a total value of $6,999,988.00. Following the acquisition, the insider directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director James B. Tananbaum purchased 411,764 shares of Alumis stock in a transaction on Thursday, January 8th. The stock was purchased at an average price of $17.00 per share, for a total transaction of $6,999,988.00. Following the completion of the transaction, the director owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. This represents a 7.78% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired a total of 1,823,527 shares of company stock worth $30,999,959 in the last quarter. 40.70% of the stock is owned by company insiders.

Institutional Trading of Alumis

Several hedge funds have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Alumis by 64.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,535 shares of the company’s stock valued at $77,000 after acquiring an additional 4,926 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Alumis by 24.0% during the 1st quarter. Goldman Sachs Group Inc. now owns 61,645 shares of the company’s stock worth $378,000 after acquiring an additional 11,949 shares during the last quarter. Jane Street Group LLC acquired a new stake in Alumis during the 1st quarter valued at $111,000. Rhumbline Advisers increased its holdings in Alumis by 21.7% during the 1st quarter. Rhumbline Advisers now owns 16,543 shares of the company’s stock valued at $102,000 after purchasing an additional 2,949 shares in the last quarter. Finally, ProShare Advisors LLC bought a new position in Alumis in the 2nd quarter valued at $40,000.

Alumis Company Profile

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.