Alumis (NASDAQ:ALMS) Stock Price Down 2.6% - Here's Why

Alumis Inc. (NASDAQ:ALMS - Get Free Report) dropped 2.6% during mid-day trading on Wednesday . The stock traded as low as $10.91 and last traded at $10.91. Approximately 1,248 shares changed hands during mid-day trading, a decline of 99% from the average daily volume of 171,030 shares. The stock had previously closed at $11.20.

Analysts Set New Price Targets

A number of analysts recently issued reports on ALMS shares. Leerink Partnrs raised Alumis to a "strong-buy" rating in a research report on Tuesday, July 23rd. Morgan Stanley began coverage on Alumis in a research report on Tuesday, July 23rd. They set an "overweight" rating and a $36.00 price objective for the company. Guggenheim assumed coverage on shares of Alumis in a research report on Tuesday, July 23rd. They issued a "buy" rating and a $32.00 price objective on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Alumis in a research report on Monday, August 19th. Finally, Leerink Partners assumed coverage on shares of Alumis in a research note on Tuesday, July 23rd. They set an "outperform" rating and a $29.00 price target on the stock. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $27.50.

Alumis Stock Performance

The firm has a fifty day moving average price of $11.68.

Alumis (NASDAQ:ALMS - Get Free Report) last issued its earnings results on Tuesday, August 13th. The company reported ($23.10) earnings per share for the quarter, missing the consensus estimate of ($1.57) by ($21.53). Analysts expect that Alumis Inc. will post -6.86 EPS for the current year.

Institutional Investors Weigh In On Alumis

Large investors have recently made changes to their positions in the business. SR One Capital Management LP bought a new stake in shares of Alumis in the second quarter worth $26,067,000. Millennium Management LLC bought a new position in shares of Alumis during the second quarter worth about $3,376,000. Maven Securities LTD bought a new stake in Alumis in the second quarter valued at about $332,000. Yu Fan bought a new position in Alumis during the 2nd quarter worth approximately $10,502,000. Finally, Ally Bridge Group NY LLC bought a new stake in Alumis during the second quarter valued at $8,229,000.

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.