Alumis price target raised to $55 from $50 at Oppenheimer

Oppenheimer raised the firm’s price target on Alumis to $55 from $50 and keeps an Outperform rating on the shares. The firm sees the three new orals for psoriasis – Johnson & Johnson’s (JNJ) Ico, Takeda’s (TAK) Zaso, and Alumis’ (ALMS) Envu – as having similar efficacy, with a benefit towards the latter on quality of life and with a potentially tougher trial population than Zaso. Both Alumis and Takeda clearly demonstrated biologic-like efficacy, and safety which are comparable to J&J’s recently approved icotrokinra. Oppenheimer sees this weekend’s readout as very positive for Alumis, both directly in PsO, as well as into the Q3 Phase 2 readout in systemic lupus erythematosus.