Inscription Capital LLC Acquires New Stake in Alumis Inc.

Inscription Capital LLC has acquired a new stake in Alumis Inc. (NASDAQ: ALMS) during the third quarter of 2023, as detailed in its latest 13F filing with the Securities and Exchange Commission (SEC). The investment firm purchased 20,434 shares of the biopharmaceutical company, amounting to approximately $82,000.

Other institutional investors have also shown interest in Alumis. Stonepine Capital Management LLC bought a new stake in the company during the second quarter, valued at about $1,049,000. Additionally, Trium Capital LLP increased its stake by 17.9% in the third quarter, bringing its total ownership to 3,122,111 shares with a value of $12,457,000. Other notable acquisitions include General Atlantic L.P., which invested approximately $3,893,000, and Velan Capital Investment Management LP, which acquired a stake worth about $4,863,000.

Analyst Ratings and Market Reactions

Recent commentary from research analysts highlights a growing interest in Alumis. Loop Capital established a price target of $37.00 for the company’s shares in a report released on January 6, 2024. UBS Group reaffirmed an “outperform” rating for Alumis on the same day, while Wall Street Zen upgraded the stock from a “sell” rating to a “hold” rating just days earlier. Chardan Capital initiated coverage with a “buy” rating, also setting a price target of $37.00. In a significant shift, Wells Fargo & Company raised its target from $17.00 to $39.00 and assigned an “overweight” rating.

Overall, ten analysts have issued a “Buy” rating for Alumis, while one has assigned a “Sell” rating. According to data from MarketBeat, the company currently holds an average rating of “Moderate Buy” with an average target price of $37.50.

Insider Transactions Indicate Confidence

In related news, Director Srinivas Akkaraju purchased 588,235 shares of Alumis on January 9, 2024, at an average price of $17.00, totaling nearly $10 million. This transaction increased his ownership stake by 46.49%, bringing his total shares to 1,853,488, valued at approximately $31,509,296. The acquisition was disclosed in a filing with the SEC, which is accessible publicly.

Another significant insider transaction occurred on January 8, 2024, when major shareholder Foresite Capital Management Vi acquired 411,764 shares at the same average price of $17.00, totaling about $7 million. This acquisition represented a 7.78% increase in ownership, with the firm now holding 5,702,536 shares valued at approximately $96,943,112. In total, insiders have purchased 4,612,402 shares worth around $49,352,316 over the last three months, with insiders holding 40.70% of the company’s stock.

Alumis shares opened at $24.52 on January 12, 2024, reflecting a decline of 6.7% recently. The company, which has a market capitalization of $2.56 billion, reported a price-to-earnings (P/E) ratio of -6.05 and a beta of -2.09. Over the past 52 weeks, the stock has ranged from a low of $2.76 to a high of $27.20. The 50-day and 200-day moving averages stand at $13.08 and $7.41, respectively.

In its most recent earnings report on November 13, 2023, Alumis reported earnings per share (EPS) of ($1.06), falling short of the consensus estimate of ($0.92) by ($0.14). The company generated revenue of $2.07 million, significantly below analyst expectations of $3.14 million. Analysts currently forecast that Alumis will post an EPS of ($8.51) for the current year.

Alumis Inc. positions itself as a clinical-stage biopharmaceutical company focused on enhancing patient lives through targeted therapies, specifically its Tyrosine Kinase 2 (TYK2) inhibitors. The company aims to illuminate immunology and replace broad immunosuppression with innovative solutions.

For further insights into hedge fund activities and insider trades involving Alumis, interested parties can visit HoldingsChannel.com for the latest updates and SEC filings related to Alumis Inc.