Alumis (NASDAQ:ALMS) Stock Price Down 11.5% After Analyst Downgrade

Alumis Inc. (NASDAQ:ALMS)’s share price fell 11.5% during mid-day trading on Monday after HC Wainwright lowered their price target on the stock from $40.00 to $25.00. HC Wainwright currently has a buy rating on the stock. Alumis traded as low as $22.13 and last traded at $21.9510. 1,630,604 shares were traded during trading, a decline of 47% from the average session volume of 3,057,718 shares. The stock had previously closed at $24.80.

ALMS has been the subject of a number of other reports. Morgan Stanley boosted their price objective on shares of Alumis from $33.00 to $38.00 and gave the stock an “overweight” rating in a research note on Friday, March 20th. Loop Capital set a $37.00 target price on shares of Alumis in a report on Wednesday, January 21st. Wells Fargo & Company boosted their target price on shares of Alumis from $17.00 to $39.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 6th. Wall Street Zen upgraded shares of Alumis from a “sell” rating to a “hold” rating in a report on Saturday, December 6th. Finally, Guggenheim raised their price target on Alumis from $18.00 to $32.00 and gave the company a “buy” rating in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $38.60.

Insiders Place Their Bets

In related news, Director Srinivas Akkaraju bought 588,235 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was purchased at an average cost of $17.00 per share, for a total transaction of $9,999,995.00. Following the purchase, the director directly owned 1,853,488 shares in the company, valued at $31,509,296. This trade represents a 46.49% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Foresite Capital Management Vi purchased 411,764 shares of Alumis stock in a transaction on Thursday, January 8th. The stock was bought at an average cost of $17.00 per share, with a total value of $6,999,988.00. Following the completion of the acquisition, the insider owned 5,702,536 shares in the company, valued at approximately $96,943,112. This trade represents a 7.78% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 1,823,527 shares of company stock valued at $30,999,959 over the last ninety days. 40.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its position in Alumis by 320.9% during the third 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 in the last quarter. Police & Firemen s Retirement System of New Jersey raised its holdings in Alumis by 199.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock valued at $32,000 after acquiring an additional 7,165 shares in the last quarter. New York State Common Retirement Fund raised its holdings in Alumis by 173.7% in the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock valued at $35,000 after acquiring an additional 7,467 shares in the last quarter. CWM LLC lifted its position in shares of Alumis by 1,028.7% in the 3rd quarter. CWM LLC now owns 10,384 shares of the company’s stock worth $41,000 after acquiring an additional 9,464 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Alumis by 26.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,724 shares of the company’s stock worth $46,000 after acquiring an additional 979 shares during the period.

Alumis Trading Down 14.7%

The company has a market cap of $2.21 billion, a price-to-earnings ratio of -6.94 and a beta of -2.15. The company has a fifty day moving average price of $26.57 and a two-hundred day moving average price of $14.56.

Alumis (NASDAQ:ALMS) last issued its earnings results on Thursday, March 19th. The company reported ($0.95) EPS for the quarter, missing analysts’ consensus estimates of ($0.90) by ($0.05). The firm had revenue of $1.93 million during the quarter, compared to analyst estimates of $2.75 million. Alumis had a negative net margin of 1,011.75% and a negative return on equity of 116.97%. Sell-side analysts anticipate that Alumis Inc. will post -8.51 EPS for the current fiscal year.

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.