Alumis initiated with a Buy at Chardan

Chardan initiated coverage of Alumis (ALMS) with a Buy rating and $37 price target The firm cites the potential of the company’s late-stage clinical pipeline in TYK2-mediated autoimmune disorders for the Buy rating. Alumis’ lead asset, envudeucitinib, is a TYK2 inhibitor that recently achieved all primary and secondary endpoints in two Phase III trials in moderate-to-severe plaque psoriasis, the analyst tells investors in a research note.