Wells Fargo analyst Derek Archila raised the firm’s price target on Alumis (ALMS) to $39 from $17, while keeping an Overweight rating on the shares after the company announced topline results from its Phase 3 ONWARD1 and ONWARD2 clinical trials of envudeucitinib, a next-generation highly selective oral tyrosine kinase 2 inhibitor, in patients with moderate-to-severe plaque psoriasis. The firm believes envudeucitinib’s positive PsO data strengthens the investment narrative beyond its original SLE-centric thesis, and will be a key competitor in PsO.
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