Alumis (NASDAQ:ALMS) Stock Price Down 4.5% - Time to Sell?

Alumis Inc. (NASDAQ:ALMS - Get Free Report)'s stock price traded down 4.5% during trading on Wednesday . The stock traded as low as $12.39 and last traded at $12.39. 12,155 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 166,725 shares. The stock had previously closed at $12.98.

Analyst Ratings Changes

ALMS has been the subject of a number of research reports. Leerink Partnrs upgraded shares of Alumis to a "strong-buy" rating in a research note on Tuesday, July 23rd. Morgan Stanley assumed coverage on Alumis in a research report on Tuesday, July 23rd. They issued an "overweight" rating and a $36.00 target price on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Alumis in a report on Monday, August 19th. HC Wainwright began coverage on Alumis in a report on Thursday, October 17th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Guggenheim assumed coverage on Alumis in a report on Tuesday, July 23rd. They set a "buy" rating and a $32.00 target price for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $28.00.

Alumis Price Performance

The business has a 50-day moving average of $11.65.

Alumis (NASDAQ:ALMS - Get Free Report) last issued 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). Equities research analysts anticipate that Alumis Inc. will post -6.86 earnings per share for the current fiscal year.

Institutional Trading of Alumis

Institutional investors and hedge funds have recently made changes to their positions in the company. Maven Securities LTD acquired a new position in Alumis during the second quarter valued at approximately $332,000. Millennium Management LLC acquired a new position in shares of Alumis during the 2nd quarter worth $3,376,000. Towerview LLC bought a new stake in shares of Alumis during the 2nd quarter worth $4,123,000. Ally Bridge Group NY LLC acquired a new stake in Alumis in the second quarter valued at about $8,229,000. Finally, Yu Fan bought a new position in Alumis in the second quarter valued at about $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.