Alumis (NASDAQ:ALMS) Shares Down 9.6% – Time to Sell?

Alumis Inc. (NASDAQ:ALMS) shares were down 9.6% during mid-day trading on Tuesday . The stock traded as low as $23.80 and last traded at $24.89. 211,103 shares were traded during trading, a decline of 89% from the average daily volume of 1,997,921 shares. The stock had previously closed at $27.53.

Analysts Set New Price Targets

A number of analysts have recently commented on ALMS shares. Wall Street Zen cut shares of Alumis from a “hold” rating to a “sell” rating in a research note on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Alumis in a report on Tuesday, July 7th. Wells Fargo & Company increased their target price on Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a report on Friday, May 15th. HC Wainwright reiterated a “neutral” rating and set a $25.00 price target on shares of Alumis in a research report on Monday, August 3rd. Finally, Morgan Stanley restated an “overweight” rating and issued a $39.00 price objective on shares of Alumis in a report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Alumis presently has an average rating of “Moderate Buy” and a consensus target price of $40.30.

Alumis Stock Performance

The business has a 50 day simple moving average of $25.77 and a 200-day simple moving average of $25.28. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -12.38 and a beta of -0.69.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.73) by ($0.01). Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%. The firm had revenue of $1.74 million for the quarter, compared to analyst estimates of $2.10 million. Equities analysts predict that Alumis Inc. will post -2.87 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Mark Christopher Bradley sold 2,572 shares of Alumis stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total transaction of $67,823.64. Following the sale, the insider owned 48,533 shares of the company’s stock, valued at approximately $1,279,815.21. The trade was a 5.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John R. Schroer sold 3,282 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $86,546.34. Following the completion of the transaction, the chief financial officer owned 24,718 shares of the company’s stock, valued at $651,813.66. The trade was a 11.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 19,953 shares of company stock worth $534,311 over the last ninety days. 33.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alumis

Large investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Alumis by 64.7% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,535 shares of the company’s stock worth $77,000 after purchasing an additional 4,926 shares during the period. Goldman Sachs Group Inc. raised its holdings in Alumis by 24.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 61,645 shares of the company’s stock valued at $378,000 after buying an additional 11,949 shares during the period. Jane Street Group LLC acquired a new position in Alumis in the first quarter valued at about $111,000. Rhumbline Advisers boosted its stake in Alumis by 21.7% during the first quarter. Rhumbline Advisers now owns 16,543 shares of the company’s stock worth $102,000 after buying an additional 2,949 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Alumis by 163.2% during the second quarter. Geode Capital Management LLC now owns 1,167,832 shares of the company’s stock worth $3,504,000 after buying an additional 724,133 shares during the period.

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.