Alumis (NASDAQ:ALMS) Shares Down 4.8%

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s stock price fell 4.8% on Wednesday . The stock traded as low as $12.38 and last traded at $12.38. 1,583 shares traded hands during trading, a decline of 99% from the average session volume of 145,070 shares. The stock had previously closed at $13.00.

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Analysts Set New Price Targets

Several research analysts have weighed in on the company. Guggenheim started coverage on Alumis in a research report on Tuesday, July 23rd. They issued a "buy" rating and a $32.00 target price on the stock. SVB Leerink assumed coverage on Alumis in a research note on Tuesday, July 23rd. They set an "outperform" rating and a $29.00 target price for the company. Leerink Partnrs upgraded Alumis to a "strong-buy" rating in a research report on Tuesday, July 23rd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Alumis in a research report on Monday. Finally, Morgan Stanley began coverage on Alumis in a report on Tuesday, July 23rd. They issued an "overweight" rating and a $36.00 target price for the company. Four equities 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, the company presently has an average rating of "Buy" and an average target price of $27.50.

View Our Latest Research Report on ALMS

Alumis Price Performance

Institutional Investors Weigh In On Alumis

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Towerview LLC bought a new position in shares of Alumis in the 2nd quarter worth $4,123,000. SR One Capital Management LP bought a new position in Alumis during the second quarter worth about $26,067,000. Ally Bridge Group NY LLC bought a new position in Alumis during the second quarter worth about $8,229,000. Yu Fan bought a new position in Alumis during the second quarter worth about $10,502,000. Finally, Millennium Management LLC bought a new position in Alumis during the second quarter worth about $3,376,000.

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About Alumis

(Get Free Report)

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.

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