Alumis Shares Surge 16% as Traders Eye New Drug Move
Alumis Inc. jumped 15.55% Friday, finishing at $24.15 on Nasdaq—up $3.25. Volume hit about 2.25 million shares, more than double its typical 1.01 million average. Market cap climbed to $3.08 billion. The stock moved closer to its 52-week high of $30.60, according to Google Finance. Alumis' jump is notable because the company, a late-stage biopharma, doesn't trade on current revenue but on confidence in its main drug, envudeucitinib. Analyst data points to a bullish view: Benzinga shows a consensus Buy rating and a $36.73 target. The most recent calls include Chardan at Buy and $40, Wells Fargo at Overweight and $51, and Guggenheim with Buy and a $34 target.