Alumis (NASDAQ:ALMS) Stock Price Down 7.5% – Here’s What Happened

Alumis Inc. (NASDAQ:ALMS) traded down 7.5% during mid-day trading on Friday . The stock traded as low as $27.70 and last traded at $28.0360. Approximately 199,094 shares traded hands during trading, a decline of 91% from the average daily volume of 2,167,519 shares. The stock had previously closed at $30.30.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Guggenheim upped their price objective on shares of Alumis from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Friday, May 15th. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Citigroup reiterated a “buy” rating on shares of Alumis in a research report on Tuesday, May 19th. Chardan Capital boosted their target price on shares of Alumis from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, May 19th. Finally, Oppenheimer increased their target price on Alumis from $50.00 to $55.00 and gave the company an “outperform” rating in a report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.30.

Alumis Stock Down 7.2%

The business’s 50-day moving average price is $23.60 and its 200-day moving average price is $23.44. The firm has a market capitalization of $3.58 billion, a PE ratio of -14.09 and a beta of -0.73.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $1.74 million for the quarter, compared to analysts’ expectations of $2.10 million. On average, analysts anticipate that Alumis Inc. will post -2.87 EPS for the current fiscal year.

Insider Activity

In related news, insider Sanam Pangali sold 5,000 shares of Alumis stock in a transaction on Monday, July 6th. The stock was sold at an average price of $28.00, for a total transaction of $140,000.00. Following the completion of the sale, the insider owned 11,111 shares of the company’s stock, valued at approximately $311,108. This trade represents a 31.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ieq Capital LLC lifted its holdings in shares of Alumis by 4.1% during the 4th quarter. Ieq Capital LLC now owns 17,421 shares of the company’s stock valued at $170,000 after buying an additional 690 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Alumis by 26.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,724 shares of the company’s stock worth $46,000 after buying an additional 979 shares during the last quarter. Strs Ohio increased its holdings in Alumis by 300.0% in the first quarter. Strs Ohio now owns 2,000 shares of the company’s stock worth $44,000 after buying an additional 1,500 shares during the last quarter. ProShare Advisors LLC raised its position in Alumis by 12.4% during the fourth quarter. ProShare Advisors LLC now owns 14,627 shares of the company’s stock valued at $143,000 after acquiring an additional 1,618 shares in the last quarter. Finally, KBC Group NV bought a new position in Alumis during the first quarter valued at approximately $42,000.

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.