Leerink raised the firm’s price target on Alumis (ALMS) to $32 from $20 and keeps an Outperform rating on the shares after the positive topline results from the Phase 3 ONWARD program evaluating lead asset envudeucitinib in moderate-to-severe plaque psoriasis. The strong topline data and incremental details from the investor call reinforced envu’s favorable clinical profile and reignited strategic optionality around Alumis’ “potentially best-in-class” TYK2 franchise in what the analyst calls a “win.”
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