Alumis price target raised to $40 from $20 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Alumis (ALMS) to $40 from $20 and keeps a Buy rating on the shares. The firm says the Phase 3 envudeucitinib readout “reset expectations” for the oral TYK2 landscape. It cites reduced approval risk and a higher revenue ceiling for the target doubling.