Alumis (NASDAQ:ALMS) Stock Price Up 6.9% – Here’s Why

Alumis Inc. (NASDAQ:ALMS)’s share price rose 6.9% during trading on Tuesday . The company traded as high as $11.03 and last traded at $11.03. Approximately 15,396 shares were traded during trading, a decline of 91% from the average daily volume of 172,448 shares. The stock had previously closed at $10.32.

Analysts Set New Price Targets

Several research analysts have issued reports on ALMS shares. Leerink Partners assumed coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 target price for the company. Guggenheim assumed coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set a “buy” rating and a $32.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alumis in a report on Monday, August 19th. HC Wainwright began coverage on Alumis in a report on Thursday. They set a “buy” rating and a $30.00 price target for the company. Finally, Morgan Stanley initiated coverage on Alumis in a research note on Tuesday, July 23rd. They issued an “overweight” rating and a $36.00 price objective on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $28.00.

Alumis Price Performance

The stock’s fifty day moving average price is $11.66.

Alumis (NASDAQ:ALMS) last issued 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). Equities analysts anticipate that Alumis Inc. will post -6.86 EPS for the current fiscal year.

Hedge Funds Weigh In On Alumis

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Maven Securities LTD purchased a new stake in Alumis in the 2nd quarter worth $332,000. Millennium Management LLC bought a new stake in shares of Alumis in the second quarter worth about $3,376,000. Towerview LLC purchased a new stake in shares of Alumis in the second quarter worth about $4,123,000. Ally Bridge Group NY LLC purchased a new position in Alumis during the 2nd quarter valued at approximately $8,229,000. Finally, Yu Fan purchased a new stake in shares of Alumis during the 2nd quarter worth approximately $10,502,000.

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.