Alumis (NASDAQ:ALMS) Stock Price Down 9.9% After Analyst Downgrade

Shares of Alumis Inc. (NASDAQ:ALMS) dropped 9.9% on Monday after Wall Street Zen downgraded the stock from a hold rating to a sell rating. The stock traded as low as $20.78 and last traded at $20.6090. Approximately 412,768 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 2,409,241 shares. The stock had previously closed at $22.87.

Several other research analysts have also recently weighed in on ALMS. HC Wainwright cut shares of Alumis from a “buy” rating to a “neutral” rating and set a $25.00 price objective for the company. in a research report on Friday. Stifel Nicolaus began coverage on Alumis in a report on Wednesday, February 25th. They set a “buy” rating and a $44.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and issued a $38.00 price target on shares of Alumis in a research note on Monday, March 30th. Morgan Stanley reaffirmed an “overweight” rating and issued a $39.00 price target on shares of Alumis in a research note on Friday. Finally, Oppenheimer upped their price objective on shares of Alumis from $50.00 to $55.00 and gave the company an “outperform” rating in a research report on Monday, March 30th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.10.

Hedge Funds Weigh In On Alumis

Hedge funds and other institutional investors have recently bought and sold shares of the business. AXQ Capital LP bought a new position in Alumis during the third quarter worth $78,000. Inscription Capital LLC bought a new position in Alumis during the third quarter worth $82,000. Grange Capital LLC bought a new position in Alumis during the fourth quarter worth $312,000. Two Sigma Investments LP bought a new position in Alumis during the third quarter worth $343,000. Finally, Russell Investments Group Ltd. boosted its position in Alumis by 320.9% during the third quarter. Russell Investments Group Ltd. now owns 6,419 shares of the company’s stock worth $26,000 after purchasing an additional 4,894 shares during the period.

Alumis Stock Down 8.9%

The company has a market cap of $2.65 billion, a P/E ratio of -10.51 and a beta of -0.31. The business has a fifty day moving average price of $24.44 and a 200-day moving average price of $19.08.

Alumis (NASDAQ:ALMS) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.73) by ($0.01). The firm had revenue of $1.74 million for the quarter, compared to the consensus estimate of $2.10 million. Alumis had a negative return on equity of 88.79% and a negative net margin of 2,825.70%. As a group, research analysts expect that Alumis Inc. will post -3.06 earnings per share for the current year.

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.