Alumis (NASDAQ:ALMS) Trading Down 4.8%

Alumis Inc. (NASDAQ:ALMS) shares were down 4.8% during mid-day trading on Friday . The stock traded as low as $11.23 and last traded at $11.40. Approximately 37,219 shares were traded during trading, a decline of 80% from the average daily volume of 188,853 shares. The stock had previously closed at $11.97.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ALMS shares. Leerink Partners assumed coverage on Alumis in a report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price objective on the stock. Leerink Partnrs raised Alumis to a “strong-buy” rating in a research report on Tuesday, July 23rd. Morgan Stanley assumed coverage on Alumis in a research report on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 target price on the stock. Guggenheim assumed coverage on Alumis in a research report on Tuesday, July 23rd. They set a “buy” rating and a $32.00 target price 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 given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $27.50.

Alumis Stock Down 7.9 %

The stock’s 50-day simple moving average is $12.22.

Alumis (NASDAQ:ALMS) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.57) by ($21.53). On average, equities analysts predict that Alumis Inc. will post -6.86 earnings per share for the current year.

Hedge Funds Weigh In On Alumis

A number of hedge funds and other institutional investors have recently made changes to their positions in ALMS. Maven Securities LTD bought a new position in shares of Alumis during the 2nd quarter worth $332,000. Millennium Management LLC purchased a new stake in shares of Alumis during the 2nd quarter worth $3,376,000. Towerview LLC purchased a new stake in shares of Alumis during the 2nd quarter worth $4,123,000. Ally Bridge Group NY LLC purchased a new stake in shares of Alumis during the 2nd quarter worth $8,229,000. Finally, Yu Fan purchased a new stake in shares of Alumis during the 2nd quarter worth $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.