Alumis price target raised to $33 from $22 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Alumis (ALMS) to $33 from $22 and keeps an Overweight rating on the shares after the company reported positive topline results from the Phase 3 ONWARD program evaluating lead asset envudeucitinib in moderate-to-severe plaque psoriasis. Data for envudeucitinib in PsO “look competitive,” says the analyst, who raised the firm’s view of the probability for success for the indication to 80% from 60%.