Alumis (NASDAQ:ALMS) Earns Buy Rating from Analysts at Chardan Capital

Chardan Capital started coverage on shares of Alumis (NASDAQ:ALMS) in a research report released on Wednesday, Marketbeat reports. The firm issued a buy rating and a $37.00 price objective on the stock.

Other analysts have also issued reports about the company. Loop Capital set a $37.00 target price on Alumis in a research note on Wednesday. Leerink Partners lifted their price objective on Alumis from $20.00 to $32.00 and gave the stock an “outperform” rating in a report on Tuesday, January 6th. UBS Group reaffirmed an “outperform” rating on shares of Alumis in a report on Tuesday, January 6th. Wells Fargo & Company increased their target price on shares of Alumis from $17.00 to $39.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Finally, Citigroup reiterated an “outperform” rating on shares of Alumis in a research note on Tuesday, January 6th. Ten analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Alumis currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

Alumis Stock Down 6.7%

ALMS opened at $24.52 on Wednesday. Alumis has a twelve month low of $2.76 and a twelve month high of $27.20. The company’s 50-day moving average price is $13.08 and its two-hundred day moving average price is $7.38. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -6.05 and a beta of -2.09.

Alumis (NASDAQ:ALMS) last issued its quarterly earnings results on Thursday, November 13th. The company reported ($1.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.92) by ($0.14). The firm had revenue of $2.07 million for the quarter, compared to the consensus estimate of $3.14 million. As a group, sell-side analysts anticipate that Alumis will post -8.51 earnings per share for the current year.

Insider Activity

In other news, major shareholder Foresite Labs, Llc bought 411,764 shares of the stock in a transaction on Thursday, January 8th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $6,999,988.00. Following the purchase, the insider directly owned 5,702,536 shares of the company’s stock, valued at $96,943,112. This trade represents a 7.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Srinivas Akkaraju purchased 588,235 shares of the business’s stock in a transaction on Friday, January 9th. The stock was purchased at an average cost of $17.00 per share, with a total value of $9,999,995.00. Following the completion of the acquisition, the director owned 1,853,488 shares in the company, valued at approximately $31,509,296. This trade represents a 46.49% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders bought 4,612,402 shares of company stock valued at $49,352,316. Corporate insiders own 40.70% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. raised its position 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 in the last quarter. Police & Firemen s Retirement System of New Jersey increased its stake in Alumis by 199.7% in the 2nd 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 last quarter. New York State Common Retirement Fund raised its holdings in shares of Alumis by 173.7% in the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock valued at $35,000 after acquiring an additional 7,467 shares in the last quarter. Western Wealth Management LLC purchased a new stake in shares of Alumis in the 2nd quarter valued at about $36,000. Finally, ProShare Advisors LLC bought a new stake in shares of Alumis during the 2nd quarter valued at about $40,000.

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.