Alumis (NASDAQ:ALMS) Stock Price Target Lowered at Wells Fargo & Company

Alumis (NASDAQ:ALMS) had its price objective lowered by stock analysts at Wells Fargo & Company from $25.00 to $18.00 in a research note issued on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective indicates a potential upside of 222.87% from the company’s previous close.

Several other analysts also recently weighed in on the company. Guggenheim downgraded Alumis from a “buy” rating to a “neutral” rating in a research report on Thursday, September 3rd. Citigroup reissued an “overweight” rating on shares of Alumis in a research note on Tuesday, September 1st. Wall Street Zen cut shares of Alumis from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Morgan Stanley reduced their price target on shares of Alumis from $39.00 to $29.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 2nd. Finally, Benchmark reiterated a “buy” rating on shares of Alumis in a report on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $32.09.

Alumis Trading Down 9.1%

Shares of NASDAQ ALMS traded down $0.56 during midday trading on Friday, hitting $5.58. The company’s stock had a trading volume of 272,290 shares, compared to its average volume of 2,215,449. Alumis has a 12-month low of $4.60 and a 12-month high of $31.35. The firm has a market cap of $721.57 million, a P/E ratio of -1.45 and a beta of -0.28. The business’s 50 day moving average is $7.36 and its two-hundred day moving average is $20.56.

Alumis (NASDAQ:ALMS) last posted its quarterly earnings data on Thursday, November 12th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The company had revenue of $1.91 million during the quarter, compared to analysts’ expectations of $1.90 million. Alumis had a negative return on equity of 93.15% and a negative net margin of 5,933.46%. On average, analysts predict that Alumis will post -2.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alumis news, Director Srinivas Akkaraju sold 96,131 shares of Alumis stock in a transaction on Tuesday, September 8th. The stock was sold at an average price of $10.55, for a total transaction of $1,014,182.05. Following the completion of the sale, the director directly owned 2,025,493 shares of the company’s stock, valued at $21,368,951.15. The trade was a 4.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last three months, insiders sold 99,754 shares of company stock worth $1,037,804. Insiders own 33.70% of the company’s stock.

Hedge Funds Weigh In On Alumis

Institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System raised its holdings in shares of Alumis by 2,222.5% in the first quarter. California State Teachers Retirement System now owns 80,845 shares of the company’s stock valued at $1,781,000 after acquiring an additional 77,364 shares in the last quarter. First Trust Advisors LP bought a new position in Alumis during the 1st quarter worth about $1,456,000. Spruce Street Capital LP bought a new position in Alumis during the 2nd quarter worth about $11,047,032. The Manufacturers Life Insurance Company grew its holdings in Alumis by 775.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 154,634 shares of the company’s stock worth $3,407,000 after acquiring an additional 136,973 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Alumis during the 2nd quarter valued at about $6,377,000.

Alumis Company Profile

Alumis is a clinical-stage biopharmaceutical company developing medicines for autoimmune and inflammatory diseases. The company uses data and computational tools to support the discovery and development of targeted treatments. Its lead investigational program, ESK-001, is an oral, selective TYK2 inhibitor being studied for conditions including plaque psoriasis and systemic lupus erythematosus. Alumis is also advancing other drug candidates for immune-mediated diseases. These medicines remain in clinical development and are not approved for commercial use.