Alumis (NASDAQ:ALMS) Stock Falls 8.7% – Time to Sell?

Alumis Inc. (NASDAQ:ALMS)’s share price traded down 8.7% during trading on Wednesday. The company traded as low as $7.42 and last traded at $7.4050. Approximately 707,687 shares traded hands during trading, a decline of 69% from the average session volume of 2,258,722 shares. The stock had previously closed at $8.11.

Analyst Ratings Changes

A number of research analysts recently weighed in on ALMS shares. Guggenheim cut shares of Alumis from a “buy” rating to a “neutral” rating in a report on Thursday, September 3rd. HC Wainwright upgraded shares of Alumis from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $25.00 to $15.00 in a research note on Wednesday, September 2nd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alumis in a research report on Wednesday, September 16th. Morgan Stanley reduced their price objective on Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Finally, Oppenheimer decreased their target price on Alumis from $55.00 to $37.00 and set an “outperform” rating for the company in a report on Wednesday, September 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.27.

Alumis Price Performance

The company has a market cap of $943.54 million, a PE ratio of -1.89 and a beta of -0.81. The business’s 50 day moving average is $19.95 and its 200-day moving average is $22.66.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.34). The firm had revenue of $1.66 million during the quarter, compared to analysts’ expectations of $3.65 million. Alumis had a negative net margin of 5,933.46% and a negative return on equity of 93.15%. As a group, sell-side analysts predict that Alumis Inc. will post -2.95 EPS for the current fiscal year.

Insider Transactions at Alumis

In other Alumis news, insider Roy Hardiman sold 2,692 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $70,988.04. Following the sale, the insider directly owned 207,746 shares in the company, valued at $5,478,262.02. This trade represents a 1.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John Schroer sold 3,282 shares of Alumis stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $86,546.34. Following the sale, the chief financial officer directly owned 24,718 shares of the company’s stock, valued at $651,813.66. This trade represents a 11.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 116,084 shares of company stock valued at $1,548,493 over the last ninety days. Company insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

Several institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Alumis during the 2nd quarter worth $231,259,000. venBio Partners LLC acquired a new position in Alumis in the second quarter valued at $127,429,401. Jupiter Topco LLC acquired a new position in Alumis in the second quarter valued at $66,238,000. Janus Henderson Group PLC purchased a new position in shares of Alumis during the first quarter worth about $46,790,000. Finally, Cormorant Asset Management LP increased its position in shares of Alumis by 69.3% during the fourth quarter. Cormorant Asset Management LP now owns 3,635,596 shares of the company’s stock worth $35,483,000 after purchasing an additional 1,488,200 shares in the last quarter.

Alumis Company Profile

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company’s lead investigational product is ESK-001, a selective allosteric tyrosine kinase 2 (TYK2) inhibitor designed to regulate immune signaling while potentially avoiding some safety limitations associated with broader immunosuppressive treatments.

ESK-001 is being evaluated in clinical trials for moderate-to-severe plaque psoriasis and systemic lupus erythematosus.