Alumis shares should trade higher on ‘major success’ at AAD, says Ramond James

Raymond James keeps a Strong Buy rating on Alumis (ALMS) following what appears to be a major success at AAD, where Phase 3 data showed envudeucitinib delivering efficacy broadly comparable to Takeda’s (TAK) zasocitinib and Johnson & Johnson’s (JNJ) icotrokinra, with a more favorable safety profile. Higher adverse event rates and safety concerns for zasocitinib suggest envu holds a competitive advantage, supporting expectations for share appreciation, the analyst tells investors in a research note, adding that the firm expects Alumis shares to trade up on the news. Shares of Alumis are down 11.7% to $21.90 in late morning trading.