Leerink Partners Reiterates Outperform Rating on Alumis Inc (ALMS)

Leerink Partners analyst Thomas Smith reiterated an Outperform rating on Alumis Inc (NASDAQ: ALMS).

The analyst comments "Additional commentary on the call from ALMS and leading dermatologist KOL Dr. Andrew Blauvelt highlighted the impressively consistent dataset across both ONWARD studies, which showed class-leading response rates across multiple efficacy metrics including PASI, IGA, itch, and PROs. ALMS also discussed envu's deepening treatment effect, where a lack of plateau among PASI100 responses at week 24 suggests potential to achieve mid-50%'s range over time, according to Dr. Blauvelt. Efficacy also extended to high-impact areas, with ~75% of patients with scalp PsO achieving clear or almost clear status (ss-sPGA 0/1), alongside rapid improvements in itch scores as early as Week 2. Regarding safety, data from over 1,800 patients showed no clinically important lab abnormalities or TB reactivations, strengthening the case for a clean FDA label without mandatory routine monitoring. Looking ahead, 2026 is expected to be a catalyst-rich year with ONWARD3 long-term data and a planned NDA submission in 2H26. Topline data from the Phase 2b LUMUS study in SLE is on track for 3Q26 – which we see as the next key value-inflecting readout for ALMS shares. Overall, we believe detailed ONWARD data reinforces envu's class-leading TYK2 profile in PsO, and bodes well for upcoming Phase 2b LUMUS data in SLE expected in 3Q26. We expect forthcoming biomarker data from ONWARD to further de-risk ALMS' efforts in SLE, and see longer-term potential for future pipeline expansion supported by external TYK2 data readouts (i.e., IBD). ALMS is one of our Top Picks for 2026 (see our note HERE). Reiterate OP."

For an analyst ratings summary and ratings history on Alumis Inc click here. For more ratings news on Alumis Inc click here.

Shares of Alumis Inc closed at $24.80 yesterday.

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