Alumis (NASDAQ:ALMS) Shares Down 3.5% – Should You Sell?

Alumis Inc. (NASDAQ:ALMS) shares dropped 3.5% during trading on Tuesday . The company traded as low as $25.05 and last traded at $25.2750. Approximately 135,214 shares traded hands during trading, a decline of 96% from the average daily volume of 3,276,287 shares. The stock had previously closed at $26.20.

Analysts Set New Price Targets

ALMS has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on shares of Alumis from $17.00 to $39.00 and gave the company an “overweight” rating in a research note on Tuesday, January 6th. Citigroup reiterated an “outperform” rating on shares of Alumis in a report on Tuesday, January 6th. Oppenheimer reissued an “outperform” rating and set a $50.00 price objective on shares of Alumis in a research report on Tuesday, January 6th. Stifel Nicolaus began coverage on Alumis in a research report on Wednesday, February 25th. They issued a “buy” rating and a $44.00 target price on the stock. Finally, Wall Street Zen raised Alumis from a “sell” rating to a “hold” rating in a research note on Saturday, December 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $39.00.

Alumis Price Performance

The stock’s 50 day moving average price is $26.18 and its two-hundred day moving average price is $13.50. The firm has a market capitalization of $2.65 billion, a price-to-earnings ratio of -6.28 and a beta of -2.15.

Insider Activity

In other Alumis news, major shareholder Foresite Labs, Llc acquired 411,764 shares of the company’s stock in a transaction dated Thursday, January 8th. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $6,999,988.00. Following the completion of the purchase, the insider owned 5,702,536 shares of the company’s stock, valued at approximately $96,943,112. This trade represents a 7.78% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Srinivas Akkaraju bought 588,235 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The shares were acquired at an average price of $17.00 per share, with a total value of $9,999,995.00. Following the purchase, the director owned 1,853,488 shares in the company, valued at $31,509,296. This trade represents a 46.49% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 1,823,527 shares of company stock valued at $30,999,959 over the last three months. 40.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Alumis

Institutional investors and hedge funds have recently bought and sold shares of the stock. Russell Investments Group Ltd. raised its stake in Alumis by 320.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after purchasing an additional 4,894 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its position in Alumis by 199.7% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 10,753 shares of the company’s stock worth $32,000 after purchasing an additional 7,165 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Alumis by 173.7% during the 2nd quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after purchasing an additional 7,467 shares during the period. Western Wealth Management LLC acquired a new position in shares of Alumis during the second quarter valued at about $36,000. Finally, ProShare Advisors LLC acquired a new position in shares of Alumis during the second quarter valued at about $40,000.

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.