Alumis (NASDAQ:ALMS) Stock Price Down 6.8% – What’s Next?

Shares of Alumis Inc. (NASDAQ:ALMS) were down 6.8% on Tuesday. The stock traded as low as $6.62 and last traded at $6.58. Approximately 755,198 shares changed hands during trading, a decline of 67% from the average session volume of 2,254,329 shares. The stock had previously closed at $7.06.

Analyst Ratings Changes

ALMS has been the topic of several research reports. Citigroup reiterated an “overweight” rating on shares of Alumis in a research report on Tuesday, September 1st. Oppenheimer reduced their price objective on shares of Alumis from $55.00 to $37.00 and set an “outperform” rating for the company in a research report on Wednesday, September 2nd. Morgan Stanley reduced their price objective on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating for the company in a research report on Wednesday, September 2nd. Guggenheim cut shares of Alumis from a “buy” rating to a “neutral” rating in a research note on Thursday, September 3rd. Finally, Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.27.

Alumis Trading Down 7.2%

The company has a market cap of $848.41 million, a price-to-earnings ratio of -1.70 and a beta of -0.38. The business has a 50-day moving average price of $14.93 and a 200 day moving average price of $21.11.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, August 13th. The company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.77) by ($0.34). The company had revenue of $1.66 million during the quarter, compared to analyst estimates of $3.65 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. On average, analysts anticipate that Alumis Inc. will post -2.95 earnings per share for the current year.

Insider Buying and Selling at Alumis

In related news, insider Roy C. Hardiman sold 2,692 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 $70,988.04. Following the transaction, the insider owned 207,746 shares of the company’s stock, valued at approximately $5,478,262.02. This trade represents a 1.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Srinivas Akkaraju sold 96,131 shares of Alumis stock in a transaction dated Tuesday, September 8th. The stock was sold at an average price of $10.55, for a total value of $1,014,182.05. Following the completion of the transaction, the director directly owned 2,025,493 shares in the company, valued at $21,368,951.15. This represents a 4.53% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 111,084 shares of company stock valued at $1,408,493 over the last 90 days. 33.70% of the stock is owned by insiders.

Institutional Trading of Alumis

Hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC acquired a new position in shares of Alumis in the second quarter worth about $33,000. KBC Group NV acquired a new stake in shares of Alumis during the first quarter valued at approximately $42,000. Strs Ohio raised its holdings in shares of Alumis by 300.0% during the first quarter. Strs Ohio now owns 2,000 shares of the company’s stock valued at $44,000 after acquiring an additional 1,500 shares during the period. State of Wyoming acquired a new stake in shares of Alumis during the first quarter valued at approximately $57,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Alumis by 600.4% during the first quarter. EverSource Wealth Advisors LLC now owns 3,131 shares of the company’s stock valued at $69,000 after acquiring an additional 2,684 shares during the period.

About Alumis

Alumis, Inc is a clinical-stage biopharmaceutical company focused on developing oral therapies for immune-mediated diseases. The company’s research centers on selective allosteric inhibitors of tyrosine kinase 2 (TYK2), a protein involved in signaling pathways that regulate inflammation and immune responses.

Alumis’ lead product candidate is ESK-001, an oral, highly selective TYK2 inhibitor being evaluated in inflammatory and autoimmune conditions, including plaque psoriasis, psoriatic arthritis and systemic lupus erythematosus.