Alumis (NASDAQ:ALMS) Stock Price Down 5.2% – Here’s What Happened
by Kim Johansen · The Markets DailyAlumis Inc. (NASDAQ:ALMS – Get Free Report)’s stock price dropped 5.2% during trading on Friday . The stock traded as low as $9.50 and last traded at $9.3850. Approximately 360,084 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 2,180,635 shares. The stock had previously closed at $9.90.
Analysts Set New Price Targets
ALMS has been the topic of several recent analyst reports. Morgan Stanley cut their target price on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Chardan Capital upped their price target on Alumis from $38.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, May 19th. Robert W. Baird set a $27.00 price objective on Alumis in a research note on Tuesday, September 1st. Guggenheim cut Alumis from a “buy” rating to a “neutral” rating in a research note on Thursday, September 3rd. Finally, Wall Street Zen downgraded Alumis from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Alumis presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.27.
Get Our Latest Stock Analysis on ALMS
Alumis Stock Performance
The company’s 50 day moving average price is $23.99 and its 200 day moving average price is $24.11. The company has a market cap of $1.20 billion, a price-to-earnings ratio of -2.40 and a beta of -0.81.
Alumis (NASDAQ:ALMS – Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported ($1.11) EPS for the quarter, missing the consensus estimate of ($0.77) by ($0.34). The business had revenue of $1.66 million for the quarter, compared to analyst estimates of $3.65 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. On average, equities research analysts forecast that Alumis Inc. will post -2.95 EPS for the current fiscal year.
Insider Buying and Selling
In other news, insider Roy Hardiman sold 2,692 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $70,988.04. Following the completion of the sale, the insider directly owned 207,746 shares in the company, valued at approximately $5,478,262.02. The trade was a 1.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Srinivas Akkaraju bought 546,581 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was purchased at an average price of $10.63 per share, for a total transaction of $5,810,156.03. Following the acquisition, the director directly owned 4,937,026 shares in the company, valued at approximately $52,480,586.38. This trade represents a 12.45% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have sold 116,084 shares of company stock valued at $1,548,493. 33.70% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Alumis
Hedge funds and other institutional investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its position in Alumis by 2,222.5% in the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company’s stock valued at $1,781,000 after acquiring an additional 77,364 shares during the period. First Trust Advisors LP bought a new position in shares of Alumis in the first quarter valued at approximately $1,456,000. The Manufacturers Life Insurance Company increased its holdings in Alumis by 775.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company’s stock valued at $3,407,000 after purchasing an additional 136,973 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in Alumis in the second quarter worth $6,377,000. Finally, Elmind Capital LP bought a new position in shares of Alumis in the second quarter valued at about $3,658,200.
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.