Alumis (NASDAQ:ALMS) Price Target Raised to $38.00

Alumis (NASDAQ:ALMS) had its price objective increased by Morgan Stanley from $33.00 to $38.00 in a research note published on Friday morning,Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

Several other equities research analysts have also recently issued reports on ALMS. Guggenheim lifted their price objective on shares of Alumis from $18.00 to $32.00 and gave the stock a “buy” rating in a research report on Wednesday, January 7th. Wall Street Zen upgraded Alumis from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. Stifel Nicolaus assumed coverage on Alumis in a report on Wednesday, February 25th. They set a “buy” rating and a $44.00 price target for the company. Raymond James Financial began coverage on Alumis in a research report on Tuesday, March 10th. They set a “strong-buy” rating and a $46.00 price objective for the company. Finally, Chardan Capital raised their target price on Alumis from $37.00 to $38.00 and gave the stock a “buy” rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Alumis presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.60.

Alumis Stock Performance

ALMS stock opened at $25.07 on Friday. The company’s 50 day moving average price is $26.43 and its 200 day moving average price is $13.85. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of -8.19 and a beta of -2.16. Alumis has a fifty-two week low of $2.76 and a fifty-two week high of $30.60.

Alumis (NASDAQ:ALMS) last issued its quarterly earnings results on Thursday, March 19th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.05). Alumis had a negative return on equity of 116.97% and a negative net margin of 1,011.75%.The firm had revenue of $1.93 million during the quarter, compared to analysts’ expectations of $2.75 million. Equities analysts forecast that Alumis will post -8.51 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder Foresite Capital Management Vi acquired 411,764 shares of the business’s stock in a transaction 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 transaction, the insider owned 5,702,536 shares in the company, valued at $96,943,112. This represents a 7.78% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, major shareholder Foresite Labs, Llc bought 411,764 shares of Alumis stock in a transaction dated Thursday, January 8th. The stock was purchased at an average price of $17.00 per share, with a total value of $6,999,988.00. Following the purchase, the insider directly owned 5,702,536 shares in the company, valued at approximately $96,943,112. This trade represents a 7.78% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 1,823,527 shares of company stock valued at $30,999,959. 40.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Alumis

Several institutional investors and hedge funds have recently added to or reduced their stakes in ALMS. Russell Investments Group Ltd. lifted its holdings in shares of Alumis by 320.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after buying an additional 4,894 shares during the period. Police & Firemen s Retirement System of New Jersey grew 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 worth $32,000 after acquiring an additional 7,165 shares during the period. New York State Common Retirement Fund raised its position in Alumis by 173.7% in the second quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after acquiring an additional 7,467 shares in the last quarter. ProShare Advisors LLC acquired a new stake in Alumis in the second quarter valued at $40,000. Finally, CWM LLC lifted its holdings in Alumis by 1,028.7% in the third quarter. CWM LLC now owns 10,384 shares of the company’s stock valued at $41,000 after acquiring an additional 9,464 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.