Chardan Highlights Alumis’s (ALMS) Potential After Envudeucitinib Hits All Phase 3 Endpoints in Psoriasis Trials

Alumis Inc. (NASDAQ:ALMS) is one of the new stocks on the rise. On January 21, Chardan initiated coverage of Alumis with a Buy rating and a $37 price target driven by the significant potential of the company’s late-stage autoimmune pipeline. The firm’s outlook is driven by envudeucitinib, which is a TYK2 inhibitor that recently met all primary and secondary endpoints in two Phase III trials for moderate-to-severe plaque psoriasis. By showing high statistical significance in skin clearance and patient-reported outcomes, the asset positions Alumis to address TYK2-mediated disorders effectively.

Additionally, on January 9, H.C. Wainwright doubled its price target for Alumis to $40 from $20 with a Buy rating after the Phase 3 envudeucitinib data reset expectations for the oral TYK2 market. The firm’s upward revision is driven by a reduced risk of regulatory failure and a higher projected revenue ceiling following the successful clinical readout.

Morgan Stanley also raised its price target for Alumis to $33 from $22 on January 7 with an Overweight rating following positive topline results from the Phase 3 ONWARD program. The firm’s optimism stems from the performance of lead asset envudeucitinib in treating moderate-to-severe plaque psoriasis, which prompted analysts to increase the probability of success for this indication to 80% from 60%.

Alumis Inc. (NASDAQ:ALMS) is a clinical-stage biopharmaceutical company that develops and commercializes medicines for autoimmune disorders. It was formerly known as Esker Therapeutics.

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Disclosure: None. This article is originally published at Insider Monkey.