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On Monday, H.C. Wainwright & Co. reaffirmed its Buy rating and $19.00 price target for Alumis Inc (NASDAQ:ALMS) following recent clinical data presented by the company. During the American Academy of Dermatology annual meeting held over the weekend, Alumis updated attendees on the 52-week results of its Phase 2 trial for ESK-001, a treatment for psoriasis.
ESK-001 demonstrated ongoing improvement in PASI-100 rates, a measure of complete skin clearance, with more patients reaching this benchmark at each subsequent assessment. The 40mg BID dose of ESK-001 showed a 38.8% PASI-100 rate and a 61.3% PASI-90 rate, which are considered notable results for an oral TYK2 inhibitor.
The analyst from H.C. Wainwright compared these outcomes favorably against the performance of the currently available TYK2 inhibitor, SOTYKTU (deucravacitinib) by Bristol-Myers Squibb (NYSE:BMY), which has not reported PASI-100 scores beyond Week 16. ESK-001’s PASI-90 rate at Week 52 also surpasses SOTYKTU’s reported 45.6% at the same interval. Additionally, the analyst pointed out that ESK-001’s results are superior to Takeda’s Phase 2b zasocitinib data, which showed a 33% PASI-100 rate by Week 12.
The positive data led H.C. Wainwright to reassert its confidence in Alumis, with the analyst stating, "We consider ESK-001 to have the best long-term potent efficacy data in the TYK2 class." The firm’s maintained price target of $19.00 reflects this optimistic view on the drug’s prospects and Alumis’s potential in the market.
In other recent news, Alumis Inc. has announced its plans to present data from a Phase 2 study of its psoriasis drug candidate, ESK-001, at the American Academy of Dermatology annual meeting. The company has also updated its timeline for Phase 3 clinical trial results, now expected in the first quarter of 2026. Additionally, Alumis is preparing to present data on its multiple sclerosis therapy, A-005, at the ACTRIMS Forum 2025, highlighting its potential for treating neuroinflammatory diseases. In corporate developments, Alumis introduced a new Severance and Change in Control Plan, outlining benefits for employees in the event of certain terminations. Meanwhile, the company is involved in a planned merger with ACELYRIN, anticipated to finalize in the second quarter of 2025, despite a buyout proposal for ACELYRIN from Concentra Biosciences. H.C. Wainwright has revised its price target for Alumis to $19, down from $26, while maintaining a Buy rating, following the merger announcement. The merger is expected to bolster Alumis’s financial position with a combined cash reserve of approximately $737 million by the end of 2024. This funding is anticipated to support operations and capital expenditures into 2027.
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