Chardan Capital Forecasts Strong Price Appreciation for Alumis (NASDAQ:ALMS) Stock

Alumis (NASDAQ:ALMS) had its price target upped by equities research analysts at Chardan Capital from $37.00 to $38.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Chardan Capital’s target price suggests a potential upside of 51.58% from the stock’s previous close.

Several other research firms have also recently weighed in on ALMS. Leerink Partners boosted their price target on Alumis from $20.00 to $32.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 6th. Guggenheim increased their price objective on Alumis from $18.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. Loop Capital set a $37.00 price objective on Alumis in a report on Wednesday, January 21st. Wall Street Zen raised Alumis from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. Finally, Citigroup restated an “outperform” rating on shares of Alumis in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $39.60.

Alumis Price Performance

Shares of Alumis stock opened at $25.07 on Friday. The firm has a market cap of $2.62 billion, a PE ratio of -8.19 and a beta of -2.15. Alumis has a 1 year low of $2.76 and a 1 year high of $30.60. The company has a 50 day simple moving average of $26.43 and a two-hundred day simple moving average of $13.79.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, March 19th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.90) by ($0.05). The firm had revenue of $1.93 million during the quarter, compared to analysts’ expectations of $2.75 million. Alumis had a negative return on equity of 113.18% and a negative net margin of 1,011.75%. As a group, research analysts anticipate that Alumis will post -8.51 earnings per share for the current year.

Insider Transactions at Alumis

In other news, major shareholder Foresite Labs, Llc acquired 411,764 shares of Alumis stock in a transaction that occurred on Thursday, January 8th. The stock was bought 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 insider owned 5,702,536 shares in the company, valued at $96,943,112. The trade was a 7.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Srinivas Akkaraju bought 588,235 shares of the stock in a transaction on Friday, January 9th. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $9,999,995.00. Following the acquisition, the director owned 1,853,488 shares of the company’s stock, valued at $31,509,296. This trade represents a 46.49% increase in their position. The SEC filing for this purchase provides additional information. In the last quarter, insiders have bought 1,823,527 shares of company stock valued at $30,999,959. Corporate insiders own 40.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

A number of large investors have recently made changes to their positions in the company. MPM Bioimpact LLC bought a new position in Alumis in the fourth quarter worth approximately $23,443,000. Orbimed Advisors LLC bought a new stake in shares of Alumis during the 2nd quarter valued at $5,779,000. Velan Capital Investment Management LP purchased a new stake in shares of Alumis in the 2nd quarter worth $4,863,000. Woodline Partners LP increased its stake in shares of Alumis by 809.7% in the 3rd quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after purchasing an additional 1,558,660 shares in the last quarter. Finally, Samsara Biocapital LLC raised its holdings in Alumis by 47.0% in the 2nd quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company’s stock worth $14,404,000 after purchasing an additional 1,534,872 shares during the period.

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.