Alumis (NASDAQ:ALMS) Trading Down 4.5% – Time to Sell?

Alumis Inc. (NASDAQ:ALMS) traded down 4.5% during mid-day trading on Wednesday . The stock traded as low as $12.39 and last traded at $12.39. 12,155 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 166,725 shares. The stock had previously closed at $12.98.

Wall Street Analyst Weigh In

ALMS has been the subject of a number of recent research reports. Leerink Partnrs raised shares of Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. HC Wainwright began coverage on Alumis in a research report on Thursday, October 17th. They set a “buy” rating and a $30.00 price target for the company. Morgan Stanley assumed coverage on Alumis in a research report on Tuesday, July 23rd. They issued an “overweight” rating and a $36.00 price objective on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Finally, Leerink Partners assumed coverage on shares of Alumis in a report on Tuesday, July 23rd. They issued an “outperform” rating and a $29.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $28.00.

Alumis Price Performance

The business has a 50-day moving average price of $11.66.

Alumis (NASDAQ:ALMS) last released its earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.57) by ($21.53). As a group, analysts expect that Alumis Inc. will post -6.86 EPS for the current fiscal year.

Institutional Trading of Alumis

Several institutional investors have recently made changes to their positions in the stock. Towerview LLC acquired a new position in Alumis in the second quarter valued at $4,123,000. SR One Capital Management LP purchased a new position in shares of Alumis in the 2nd quarter worth about $26,067,000. Ally Bridge Group NY LLC acquired a new position in shares of Alumis in the 2nd quarter valued at about $8,229,000. Yu Fan purchased a new stake in shares of Alumis during the 2nd quarter worth about $10,502,000. Finally, Millennium Management LLC acquired a new stake in Alumis during the 2nd quarter worth approximately $3,376,000.

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.