Why Is ALUMIS INC EQUITY (ALMS) Stock Down Today?

Why ALMS stock is down today

ALMS stock fell 12.31% to $24.14 in early trading on Friday. The decline came after the company announced topline results from the ONWARD3 long-term extension study for its drug Envudeucitinib. The report showed that 54% of patients achieved complete skin clearance after 48 weeks of treatment, a development that appears to have disappointed investors given the stock’s sharp intraday decline.

What Happened

Alumis filed an 8-K with the SEC on August 10, disclosing the results of the ONWARD3 study. The topline data was released publicly, with Benzinga reporting that 54% of patients reached complete skin clearance after 48 weeks of continuous treatment. The stock opened at $27.88, up 1.3% from the previous close of $27.53, but quickly reversed course and dropped to a session low of $23.80 by 9:35 AM ET. The price closed the session at $24.14, with trading volume at 0.1 million shares, which is 0.1 times the 3-month daily average.

Recent insider activity also includes sales by three senior executives: Bradley Mark Christopher, David M Goldstein, and Jorn Drappa, all of whom sold shares on August 3. Over the past 90 days, insiders have sold a total of $534,000 worth of shares with no buy transactions recorded.

What The Data Shows

The stock is currently trading within its 52-week range of $3.76 to $31.35. It has a market capitalization of $3.5 billion and remains unprofitable, with a trailing twelve-month earnings per share of -2.31 and a revenue decline of 51.7% year over year. The sharp intraday drop suggests a shift in sentiment following the data release, despite prior analyst coverage that included a $25 price target from HC Wainwright & Co., a $40 target from Chardan Capital, and a $51 target from Wells Fargo.

What To Watch

Investors should monitor the company’s next steps following the ONWARD3 results and any additional guidance from management. No earnings date is scheduled for the near term.