Alumis (NASDAQ:ALMS) Trading 11.3% Higher Following Insider Buying Activity

Alumis Inc. (NASDAQ:ALMS) rose 11.3% on Thursday following insider buying activity. The company traded as high as $7.48 and last traded at $7.3150. Approximately 425,307 shares changed hands during trading, a decline of 39% from the average daily volume of 701,087 shares. The stock had previously closed at $6.57.

Specifically, Director Srinivas Akkaraju acquired 137,772 shares of Alumis stock in a transaction on Wednesday, November 19th. The stock was purchased at an average price of $6.56 per share, for a total transaction of $903,784.32. Following the purchase, the director directly owned 517,517 shares of the company’s stock, valued at $3,394,911.52. This trade represents a 36.28% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Srinivas Akkaraju bought 102,652 shares of the stock in a transaction dated Tuesday, November 18th. The shares were acquired at an average price of $6.05 per share, for a total transaction of $621,044.60. Following the completion of the purchase, the director directly owned 379,745 shares in the company, valued at approximately $2,297,457.25. This trade represents a 37.05% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In related news, Director James B. Tananbaum purchased 190,500 shares of the business’s stock in a transaction that occurred on Wednesday, November 19th. The shares were bought at an average cost of $6.56 per share, with a total value of $1,249,680.00. Following the acquisition, the director owned 2,542,003 shares of the company’s stock, valued at $16,675,539.68. This represents a 8.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Analyst Ratings Changes

ALMS has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, November 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Alumis in a research report on Thursday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $14.00 price target on shares of Alumis in a report on Thursday, August 14th. Wells Fargo & Company assumed coverage on Alumis in a research note on Friday, July 25th. They issued an “overweight” rating and a $17.00 target price on the stock. Finally, Morgan Stanley cut their price target on Alumis from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, August 15th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.20.

Alumis Trading Up 12.3%

The firm has a market cap of $767.96 million, a P/E ratio of -1.82 and a beta of -1.33. The stock’s fifty day moving average is $4.61 and its two-hundred day moving average is $4.23.

Alumis (NASDAQ:ALMS) last released its quarterly earnings results on Thursday, November 13th. The company reported ($1.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.92) by ($0.14). The firm had revenue of $2.07 million for the quarter, compared to analysts’ expectations of $3.14 million. On average, analysts forecast that Alumis Inc. will post -8.51 EPS for the current year.

Institutional Trading of Alumis

Several institutional investors and hedge funds have recently modified their holdings of ALMS. Orbimed Advisors LLC purchased a new stake in shares of Alumis during the 2nd quarter valued at $5,779,000. Velan Capital Investment Management LP purchased a new stake in Alumis during the second quarter valued at about $4,863,000. Woodline Partners LP lifted its stake in Alumis by 809.7% during the third quarter. Woodline Partners LP now owns 1,751,150 shares of the company’s stock worth $6,987,000 after purchasing an additional 1,558,660 shares during the last quarter. Samsara Biocapital LLC boosted its holdings in shares of Alumis by 47.0% in the 2nd quarter. Samsara Biocapital LLC now owns 4,801,370 shares of the company’s stock worth $14,404,000 after purchasing an additional 1,534,872 shares in the last quarter. Finally, Tybourne Capital Management HK Ltd. purchased a new position in shares of Alumis during the 2nd quarter valued at about $4,198,000.

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.