Alumis (NASDAQ:ALMS) Shares Gap Up – Time to Buy?

Shares of Alumis Inc. (NASDAQ:ALMS) gapped up prior to trading on Thursday . The stock had previously closed at $11.19, but opened at $11.63. Alumis shares last traded at $11.23, with a volume of 9,568 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on ALMS shares. HC Wainwright began coverage on shares of Alumis in a research note on Thursday. They set a “buy” rating and a $30.00 target price for the company. Leerink Partnrs raised Alumis to a “strong-buy” rating in a report on Tuesday, July 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Alumis in a research report on Monday, August 19th. Guggenheim initiated coverage on Alumis in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $32.00 price objective on the stock. Finally, 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 for the company. Five 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 stock currently has a consensus rating of “Buy” and a consensus price target of $28.00.

Alumis Stock Down 1.3 %

The firm’s 50 day moving average is $11.66.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SR One Capital Management LP bought a new stake in Alumis during the 2nd quarter valued at $26,067,000. Yu Fan purchased a new stake in Alumis in the second quarter worth about $10,502,000. Ally Bridge Group NY LLC purchased a new stake in Alumis in the second quarter worth about $8,229,000. Towerview LLC bought a new position in Alumis during the 2nd quarter worth about $4,123,000. Finally, Millennium Management LLC purchased a new position in Alumis during the 2nd quarter valued at about $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.