Guggenheim Downgrades Alumis Inc (ALMS) to Neutral

Guggenheim analyst Yatin Suneja downgraded Alumis Inc (NASDAQ: ALMS) from Buy to Neutral.

The analyst comments "ALMS's Phase IIb SLE study (n=408) evaluating Envudeucitinib (oral TYK2i) missed both primary and secondary endpoints in the overall population. Post-hoc subgroup analysis in IFNG-high patients showed encouraging clinical responses, which supports moving forward with Phase III development, per mgmt. While we think the most likely path forward is to conduct two Phase III studies (which would likely take ~2-3 years), we expect to hear future updates regarding Phase III design, sizing, dosing, and the enrollment criteria related to desired IFNGS status. Until then, we are moving to the sidelines pending more clarity. We continue to believe that envudeucitinib remains a BIC oral TYK2i for treatment of plaque psoriasis, albeit the near-term regulatory uncertainty revolving around the next steps for SLE's future clinical development keeps us on the sidelines. Downgrade to NEUTRAL and remove our prior PT of $34."

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 $9.47 yesterday.

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