Alumis (NASDAQ:ALMS) Shares Down 3.5% – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s stock price dropped 3.5% during mid-day trading on Tuesday . The company traded as low as $25.05 and last traded at $25.2750. Approximately 135,214 shares were traded during trading, a decline of 96% from the average daily volume of 3,276,287 shares. The stock had previously closed at $26.20.

Analyst Ratings Changes

A number of equities analysts have weighed in on ALMS shares. Oppenheimer reissued an “outperform” rating and issued a $50.00 target price on shares of Alumis in a research report on Tuesday, January 6th. Stifel Nicolaus began coverage on shares of Alumis in a research note on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target for the company. Citigroup restated an “outperform” rating on shares of Alumis in a research report on Tuesday, January 6th. Chardan Capital began coverage on shares of Alumis in a report on Wednesday, January 21st. They issued a “buy” rating and a $37.00 target price on the stock. Finally, Raymond James Financial started coverage on shares of Alumis in a research note on Tuesday, March 10th. They set a “strong-buy” rating and a $46.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Alumis has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Alumis Stock Performance

The company has a market capitalization of $2.73 billion, a PE ratio of -6.47 and a beta of -2.16. The company’s fifty day moving average is $25.83 and its 200-day moving average is $13.26.

Insider Buying and Selling

In related news, Director Srinivas Akkaraju acquired 588,235 shares of the firm’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 of the company’s stock, valued at $31,509,296. This trade represents a 46.49% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Foresite Capital Management Vi purchased 411,764 shares of the firm’s stock in a transaction on Thursday, January 8th. The shares were purchased at an average cost of $17.00 per share, with a total value of $6,999,988.00. Following the completion of the transaction, the insider owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. The trade was a 7.78% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have acquired 1,823,527 shares of company stock valued at $30,999,959. 40.70% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. MPM Bioimpact LLC acquired a new stake in shares of Alumis in the fourth quarter worth $23,443,000. Orbimed Advisors LLC acquired a new position in shares of Alumis in the 2nd quarter valued at about $5,779,000. Velan Capital Investment Management LP purchased a new stake in shares of Alumis in the second quarter worth about $4,863,000. Woodline Partners LP grew its holdings in Alumis by 809.7% during the third quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after acquiring an additional 1,558,660 shares during the period. Finally, Samsara Biocapital LLC raised its position in Alumis by 47.0% during the second quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company’s stock valued at $14,404,000 after acquiring an additional 1,534,872 shares in the last quarter.

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.