Alumis (NASDAQ:ALMS) Shares Gap Down After Earnings Miss

Alumis Inc. (NASDAQ:ALMS) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $24.41, but opened at $23.19. Alumis shares last traded at $23.57, with a volume of 109,126 shares trading hands.

The company reported ($0.78) EPS for the quarter, missing the consensus estimate of ($0.73) by ($0.05). The company had revenue of $1.66 million during the quarter, compared to the consensus estimate of $3.47 million. Alumis had a negative net margin of 2,825.70% and a negative return on equity of 88.79%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ALMS shares. Chardan Capital boosted their price target on Alumis from $38.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, May 19th. Guggenheim lifted their target price on Alumis from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Friday, May 15th. Wells Fargo & Company boosted their target price on Alumis from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Friday, May 15th. Citigroup reaffirmed a “buy” rating on shares of Alumis in a research note on Tuesday, May 19th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Alumis in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Alumis has an average rating of “Moderate Buy” and a consensus target price of $40.30.

Insider Buying and Selling

In other news, insider Roy C. Hardiman sold 2,692 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $26.37, for a total value of $70,988.04. Following the completion of the transaction, the insider owned 207,746 shares in the company, valued at $5,478,262.02. This trade represents a 1.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John R. Schroer sold 3,282 shares of Alumis stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $26.37, for a total value of $86,546.34. Following the completion of the sale, the chief financial officer directly owned 24,718 shares in the company, valued at approximately $651,813.66. This represents a 11.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 19,953 shares of company stock worth $534,311 over the last three months. Company insiders own 33.70% of the company’s stock.

Institutional Investors Weigh In On Alumis

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its holdings in shares of Alumis by 320.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock valued at $26,000 after buying an additional 4,894 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Alumis by 173.7% during the second quarter. New York State Common Retirement Fund now owns 11,767 shares of the company’s stock worth $35,000 after buying an additional 7,467 shares during the last quarter. KBC Group NV bought a new stake in Alumis during the first quarter worth $42,000. Strs Ohio lifted its stake in Alumis by 300.0% in the first quarter. Strs Ohio now owns 2,000 shares of the company’s stock valued at $44,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Alumis by 26.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,724 shares of the company’s stock valued at $46,000 after acquiring an additional 979 shares during the last quarter.

Alumis Stock Performance

The business’s 50-day moving average price is $26.06 and its 200 day moving average price is $25.27. The company has a market cap of $3.06 billion, a P/E ratio of -12.07 and a beta of -0.69.

About Alumis

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.