Alumis (NASDAQ:ALMS) Shares Gap Down Following Weak Earnings

Alumis Inc. (NASDAQ:ALMS) gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.28, but opened at $4.75. Alumis shares last traded at $5.4750, with a volume of 286,122 shares traded.

The company reported ($1.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The company had revenue of $2.07 million during the quarter, compared to analysts’ expectations of $3.14 million.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ALMS shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Alumis in a research note on Wednesday, October 8th. Morgan Stanley dropped their target price on Alumis from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, August 15th. Wall Street Zen raised shares of Alumis from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 16th. HC Wainwright restated a “buy” rating and set a $14.00 price target on shares of Alumis in a report on Thursday, August 14th. Finally, Wells Fargo & Company began coverage on shares of Alumis in a research note on Friday, July 25th. They issued an “overweight” rating and a $17.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.20.

Institutional Trading of Alumis

A number of institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its holdings in shares of Alumis by 320.9% during the 3rd 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. Kera Capital Partners Inc. acquired a new stake in shares of Alumis in the second quarter valued at about $32,000. Police & Firemen s Retirement System of New Jersey increased its stake in shares of Alumis by 199.7% in 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 purchasing an additional 7,165 shares during the period. New York State Common Retirement Fund lifted its position in shares of Alumis by 173.7% during the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after purchasing an additional 7,467 shares during the last quarter. Finally, Western Wealth Management LLC acquired a new position in shares of Alumis during the 2nd quarter worth about $36,000.

Alumis Stock Performance

The stock has a market cap of $572.85 million, a P/E ratio of -1.17 and a beta of -1.33. The firm has a 50 day moving average of $4.47 and a two-hundred day moving average of $4.18.

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.