Alumis Inc.: Strong Buy Rating Backed by Promising Drug Candidate and Strategic Positioning

Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Alumis Inc. and keeping the price target at $14.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors surrounding Alumis Inc.’s promising drug candidate, envudeucitinib. This drug, which is advancing towards pivotal Phase 3 psoriasis data in the first quarter of 2026, has demonstrated best-in-class efficacy among TYK2 inhibitors. The Phase 2 data showed significant improvement in PASI-100 and PASI-90 rates, surpassing competitors like Bristol-Myers Squibb’s SOTYKTU and Takeda’s zasocitinib. The oral convenience and lack of fasting requirements further enhance its market potential, making it a strong contender in the oral psoriasis segment and a viable option for patients not adequately managed by topicals before considering injectables.
In addition to the promising clinical data, Alumis Inc.’s strategic management decisions, such as the focus on simplicity, absence of prior authorization hurdles, and favorable cost of goods sold, strengthen its commercial positioning. The company’s financial health, bolstered by the ACELYRIN merger, has resulted in a significant increase in cash and marketable securities, providing a cash runway into 2027. These factors, combined with the potential for a quick-dissolving formulation and ongoing pipeline developments, underpin Kapoor’s confidence in the company’s future performance, justifying the Buy rating.