Leerink Partners analyst Thomas Smith has reiterated their bullish stance on ALMS stock, giving a Buy rating today.
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Thomas Smith has given his Buy rating due to a combination of factors that highlight the attractive risk‑reward profile of Alumis Inc. He views Takeda’s strong Phase 3 psoriasis results with another oral TYK2 inhibitor as a meaningful validation of the drug class, which in turn strengthens confidence in Alumis’ own TYK2 candidate, envudeucitinib, ahead of its pivotal psoriasis data expected in early 2026. Smith believes that the efficacy bar demonstrated by Takeda supports the potential for envudeucitinib to deliver biologic‑like outcomes in an oral form, enhancing its competitive positioning.
In addition, he points to growing investor attention on envudeucitinib’s opportunity in systemic lupus erythematosus, with mid‑stage trial results anticipated in the second half of 2026, as a key incremental value driver. At the company’s current roughly $800 million enterprise value, Smith sees substantial upside if forthcoming psoriasis and lupus readouts are positive, which could also open the door to partnership or strategic transaction possibilities. Given this combination of favorable class read‑through, multiple upcoming catalysts, and what he views as a discounted valuation, he reiterates a Buy rating and identifies Alumis as one of his preferred names looking out to 2026.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $20.00 price target.