Alumis (NASDAQ:ALMS) Shares Up 6.9% – Still a Buy?

Alumis Inc. (NASDAQ:ALMS)’s share price rose 6.9% on Tuesday . The stock 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.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ALMS shares. Leerink Partners began coverage on Alumis in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Alumis in a report on Monday, August 19th. Leerink Partnrs upgraded shares of Alumis to a “strong-buy” rating in a research note on Tuesday, July 23rd. Morgan Stanley started coverage on shares of Alumis in a research note on Tuesday, July 23rd. They set an “overweight” rating and a $36.00 price objective on the stock. Finally, 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. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Alumis currently has an average rating of “Buy” and an average price target of $28.00.

Alumis Trading Down 0.6 %

The stock’s 50-day moving average price is $11.66.

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

Institutional Inflows and Outflows

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