Raymond James Starts Alumis Inc (ALMS) at Strong Buy

Raymond James analyst Christopher Raymond initiates coverage on Alumis Inc (NASDAQ: ALMS) with a Strong Buy rating and a price target of $46.00.

The analyst comments "Initiating coverage of ALMS shares with a Strong Buy rating, $46 price target in that we think lead asset envudeucitinib (envu) — a next generation, more potent TYK2 inhibitor — is well positioned to take meaningful share in the massive and growing market for non-biologic options in moderate-to-severe plaque psoriasis (PsO). As we detail herein, while the market seems to assume Johnson & Johnson’s (JNJ) icotrokinra (oral IL-23 inhibitor) is the heir apparent in this field, we think envu’s emerging profile is likely to offer enough differentiation to compete head-to-head, while also changing the narrative around TYK2 inhibition after a disappointing launch for Bristol-Myers’ (BMY) Sotyktu. We would be buyers in front of full data at this year’s AAD (March 27-31) and for what we anticipate will be a launch that meaningfully exceeds investor expectations."

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 $26.84 yesterday.

You May Also Be Interested In

• Stifel Starts Arrowhead Pharma (ARWR) at Buy
• BWS Financial Starts Capstone Energy Plus (CEPL) at Buy
• Penguin Solutions plans $650M convertible notes offering due 2031