Alumis initiated with a Strong Buy at Raymond James

Raymond James initiated coverage of Alumis (ALMS) with a Strong Buy rating and $46 price target The company’s lead asset envudeucitinib is well positioned to take “meaningful share in the massive and growing market” for non-biologic options in moderate-to-severe plaque psoriasis, the analyst tells investors in a research note. The firm thinks envudeucitinib can compete head-to-head with Johnson & Johnson’s icotrokinra.