Stock market today: S&P 500 climbs as health care, tech gain; Nvidia earnings loom
Alan Colowick, a director at Alumis Inc. (NASDAQ:ALMS), recently acquired shares of the company, according to a recent filing with the Securities and Exchange Commission. The timing is notable as the stock has surged 81.7% in the past week, with technical indicators suggesting overbought conditions according to InvestingPro analysis. On April 1 and April 2, Colowick purchased a total of 18,404 shares of Alumis common stock. The purchases were made at prices ranging from $6.79 to $7.75 per share, with a weighted-average price of $6.974 on the first day and $7.4935 on the second day. The total value of these transactions amounted to $129,544. These shares are held indirectly through The Colowick Trust, for which Colowick serves as a trustee. The $535 million market cap company maintains a strong balance sheet with more cash than debt, though InvestingPro analysis suggests the stock is currently trading above its Fair Value. Unlock comprehensive insider trading patterns and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, Alumis Inc. has made headlines with its fourth-quarter 2024 financial report, showing a net loss of $1.73 per share, which exceeded analysts’ expectations of a $1.39 loss per share. The company’s research and development expenses reached $87.2 million, and general and administrative costs were $11.4 million, both surpassing forecasts. Despite these financial challenges, H.C. Wainwright retained a Buy rating on Alumis, albeit lowering its price target from $19 to $15. In a significant development, Alumis announced a strategic partnership with Kaken Pharmaceutical (TADAWUL:2070) to develop and commercialize ESK-001 in Japan, potentially earning up to $180 million in combined payments. This collaboration highlights the commercial potential of ESK-001, currently in Phase 3 trials for plaque psoriasis. Additionally, Baird maintained an Outperform rating on Alumis with a $17 price target, following promising Phase 1 data for A-005. Cantor Fitzgerald also reaffirmed its Overweight rating, expressing optimism about Alumis’ market position and future prospects, including a potential merger with SLRN in 2025.
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