Alumis (NASDAQ:ALMS) Shares Down 2.6%

Alumis Inc. (NASDAQ:ALMS) fell 2.6% during trading on Thursday . The company traded as low as $10.93 and last traded at $11.05. 14,384 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 141,740 shares. The stock had previously closed at $11.34.

Analysts Set New Price Targets

A number of research firms recently issued reports on ALMS. Morgan Stanley began coverage on Alumis in a research note on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 target price for the company. Leerink Partners initiated coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price target on the stock. Leerink Partnrs raised shares of Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Guggenheim began coverage on Alumis in a research report on Tuesday, July 23rd. They issued a “buy” rating and a $32.00 price target on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $27.50.

Alumis Price Performance

The stock has a 50-day moving average price of $12.25.

Alumis (NASDAQ:ALMS) last announced its quarterly earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share for the quarter, missing the consensus estimate of ($1.57) by ($21.53). Analysts anticipate that Alumis Inc. will post -6.86 earnings per share for the current year.

Institutional Investors Weigh In On Alumis

Several hedge funds have recently made changes to their positions in the company. Maven Securities LTD purchased a new stake in Alumis in the second quarter valued at $332,000. Millennium Management LLC acquired a new position in shares of Alumis during the 2nd quarter worth approximately $3,376,000. Towerview LLC purchased a new stake in Alumis in the 2nd quarter valued at $4,123,000. Ally Bridge Group NY LLC acquired a new stake in Alumis during the second quarter worth about $8,229,000. Finally, Yu Fan acquired a new position in shares of Alumis in the 2nd quarter valued at $10,502,000.

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.