Alumis (NASDAQ:ALMS) Trading Up 11.8% Following Insider Buying Activity

Alumis Inc. (NASDAQ:ALMS)’s share price was up 11.8% during trading on Friday after an insider bought additional shares in the company. The stock traded as high as $8.98 and last traded at $9.28. Approximately 352,432 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 725,836 shares. The stock had previously closed at $8.30.

Specifically, Director Srinivas Akkaraju acquired 66,027 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were acquired at an average cost of $8.18 per share, with a total value of $540,100.86. Following the completion of the acquisition, the director owned 1,078,876 shares of the company’s stock, valued at approximately $8,825,205.68. This trade represents a 6.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Srinivas Akkaraju purchased 100,000 shares of the stock in a transaction on Wednesday, December 3rd. The stock was acquired at an average cost of $7.75 per share, for a total transaction of $775,000.00. Following the completion of the acquisition, the director owned 1,012,849 shares of the company’s stock, valued at $7,849,579.75. The trade was a 10.95% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In related news, Director Srinivas Akkaraju purchased 96,000 shares of Alumis stock in a transaction that occurred on Tuesday, December 2nd. The stock was bought at an average cost of $7.55 per share, for a total transaction of $724,800.00. Following the completion of the transaction, the director owned 912,849 shares in the company, valued at $6,892,009.95. The trade was a 11.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ALMS. Morgan Stanley cut their price target on Alumis from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, August 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Alumis in a research note on Tuesday, November 25th. Wall Street Zen downgraded Alumis from a “hold” rating to a “sell” rating in a research report on Saturday, November 15th. Finally, HC Wainwright restated a “buy” rating and issued a $14.00 price objective on shares of Alumis in a report on Thursday, August 14th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.20.

Alumis Trading Up 11.7%

The business has a fifty day moving average price of $5.33 and a 200 day moving average price of $4.44. The firm has a market cap of $967.80 million, a PE ratio of -2.31 and a beta of -1.87.

Alumis (NASDAQ:ALMS) last issued its 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 analyst estimates of $3.14 million. On average, research analysts expect that Alumis Inc. will post -8.51 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Alumis

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. purchased a new position in shares of Alumis during the third quarter worth approximately $160,000. Woodline Partners LP grew its position in Alumis by 809.7% during the 3rd quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after purchasing an additional 1,558,660 shares during the last quarter. PharVision Advisers LLC acquired a new position in Alumis in the third quarter valued at $83,000. Prelude Capital Management LLC increased its stake in Alumis by 698.0% in the third quarter. Prelude Capital Management LLC now owns 87,832 shares of the company’s stock valued at $350,000 after purchasing an additional 76,825 shares during the period. Finally, Mariner LLC raised its holdings in shares of Alumis by 177.3% in the third quarter. Mariner LLC now owns 84,873 shares of the company’s stock valued at $339,000 after buying an additional 54,269 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.