Leerink Partners analyst Thomas Smith maintained a Buy rating on Alumis Inc. (ALMS – Research Report) yesterday and set a price target of $29.00.
Thomas Smith’s rating is based on several promising developments within Alumis Inc.’s pipeline, particularly their selective TYK2 inhibitors. The company has maintained its development timelines, with key clinical programs progressing as planned. Notably, the Phase studies of their lead asset, ESK-001, in plaque psoriasis are advancing well, with topline results anticipated in the first quarter of 2026. Alumis aims to demonstrate competitive efficacy and safety profiles compared to other advanced oral therapies, with added convenience benefits.
Moreover, the ongoing Phase 2b LUMUS study of ESK-001 in systemic lupus erythematosus is expected to complete enrollment by mid-2025, aligning with previous guidance. Alumis is taking measures to ensure robust trial results by controlling patient screening and medication use. Additionally, the company’s CNS-penetrant TYK2 inhibitor, A-005, is on track for a Phase 2 trial in multiple sclerosis, with promising Phase 1 data suggesting effective blood-brain barrier penetration. These strategic advancements and the anticipated merger with SLRN contribute to the positive outlook and Buy rating.
In another report released on March 20, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $0.00 price target.
ALMS’s price has also changed dramatically for the past six months – from $11.450 to $3.775, which is a -67.03% drop .