Alumis (NASDAQ:ALMS) Shares Gap Up – Still a Buy?

Shares of Alumis Inc. (NASDAQ:ALMS) gapped up before the market opened on Thursday . The stock had previously closed at $11.19, but opened at $11.63. Alumis shares last traded at $11.23, with a volume of 9,568 shares.

Analysts Set New Price Targets

ALMS has been the topic of several research analyst reports. Guggenheim initiated coverage on shares of Alumis in a research report on Tuesday, July 23rd. They set a “buy” rating and a $32.00 target price on the stock. HC Wainwright assumed coverage on shares of Alumis in a report on Thursday. They set a “buy” rating and a $30.00 price objective on the stock. Leerink Partners assumed coverage on Alumis in a research report on Tuesday, July 23rd. They set an “outperform” rating and a $29.00 price target for the company. Morgan Stanley initiated coverage on Alumis in a report on Tuesday, July 23rd. They issued an “overweight” rating and a $36.00 price objective on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Alumis in a report on Monday, August 19th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently 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 price of $11.64.

Alumis (NASDAQ:ALMS) last posted its earnings results on Tuesday, August 13th. The company reported ($23.10) EPS for the quarter, missing the consensus estimate of ($1.57) by ($21.53). On average, research analysts predict that Alumis Inc. will post -6.86 EPS for the current year.

Institutional Investors Weigh In On Alumis

Hedge funds and other institutional investors have recently made changes to their positions in the company. Maven Securities LTD purchased a new stake in Alumis during the second quarter worth $332,000. Millennium Management LLC acquired a new position in shares of Alumis in the second quarter worth about $3,376,000. Towerview LLC purchased a new stake in shares of Alumis during the 2nd quarter worth about $4,123,000. Ally Bridge Group NY LLC acquired a new stake in shares of Alumis during the 2nd quarter valued at about $8,229,000. Finally, Yu Fan purchased a new position in shares of Alumis in the 2nd quarter valued at about $10,502,000.

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.