Alumis (NASDAQ:ALMS) Trading Up 2% – Here’s Why

Shares of Alumis Inc. (NASDAQ:ALMS) were up 2% during trading on Thursday . The company traded as high as $3.66 and last traded at $3.51. Approximately 607,665 shares were traded during mid-day trading, an increase of 38% from the average daily volume of 441,874 shares. The stock had previously closed at $3.44.

Analyst Upgrades and Downgrades

ALMS has been the topic of a number of recent analyst reports. Oppenheimer cut their target price on shares of Alumis from $26.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, May 15th. HC Wainwright reiterated a “buy” rating and issued a $14.00 price objective on shares of Alumis in a report on Wednesday, April 30th. Guggenheim raised shares of Alumis to a “buy” rating and set a $18.00 target price for the company in a research note on Tuesday, June 10th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research report on Thursday, March 20th. Seven equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $22.86.

Alumis Stock Up 2.0%

The company’s 50 day simple moving average is $3.74 and its 200 day simple moving average is $5.18.

Alumis (NASDAQ:ALMS) last released its earnings results on Wednesday, May 14th. The company reported ($1.82) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.47) by ($0.35). On average, equities research analysts forecast that Alumis Inc. will post -8.51 EPS for the current fiscal year.

Insider Transactions at Alumis

In related news, major shareholder Foresite Labs, Llc purchased 25,000 shares of the firm’s stock in a transaction that occurred on Friday, May 2nd. The shares were bought at an average cost of $4.62 per share, with a total value of $115,500.00. Following the acquisition, the insider owned 4,227,670 shares of the company’s stock, valued at $19,531,835.40. This trade represents a 0.59% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Srinivas Akkaraju bought 160,370 shares of Alumis stock in a transaction on Monday, May 5th. The shares were acquired at an average cost of $4.67 per share, for a total transaction of $748,927.90. Following the completion of the acquisition, the director directly owned 3,586,788 shares in the company, valued at approximately $16,750,299.96. The trade was a 4.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 365,290 shares of company stock worth $1,678,864. 40.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Kera Capital Partners Inc. purchased a new stake in Alumis during the second quarter worth about $32,000. Corebridge Financial Inc. lifted its position in Alumis by 53.0% during the first quarter. Corebridge Financial Inc. now owns 10,658 shares of the company’s stock valued at $65,000 after purchasing an additional 3,693 shares during the last quarter. Wells Fargo & Company MN lifted its position in Alumis by 77.1% during the fourth quarter. Wells Fargo & Company MN now owns 8,779 shares of the company’s stock valued at $69,000 after purchasing an additional 3,823 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Alumis by 64.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,535 shares of the company’s stock worth $77,000 after acquiring an additional 4,926 shares during the last quarter. Finally, Rhumbline Advisers raised its holdings in Alumis by 21.7% during the 1st quarter. Rhumbline Advisers now owns 16,543 shares of the company’s stock valued at $102,000 after buying an additional 2,949 shares during the last quarter.

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.