H.C. Wainwright Starts Alumis Inc (ALMS) at Buy

H.C. Wainwright initiates coverage on Alumis Inc (NASDAQ: ALMS) with a Buy rating and a price target of $30.00.

The analyst comments "A best-in-class TYK2 inhibitor, risk-mitigated by impressive clinical data and by commercial-stage Sotyktu. We are initiating coverage on Alumis with a Buy rating and 12-month PT of $30. Alumis is a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases. Its lead molecule, ESK-001, is a Tyrosine Kinase 2 (TYK2) inhibitor in Phase 3 development for the treatment of moderate-to-severe plaque psoriasis (PsO) and Phase 2 development for the treatment of systemic lupus erythematosus (SLE). Within the TYK2 arena, ESK-001 has the highest selectivity for the TYK2 target, besting Bristol Myers Squibb’s (BMY; not rated) Sotyktu (deucravacitinib) and Takeda’s (TAK; not rated) Phase 3 candidate, TAK-279. While Sotyktu dominates the TYK2 market today, we note that clinical data for ESK-001 support a highly superior profile to that of the commercialized Sotyktu. Given the efficacy, we believe that ESK-001 could even significantly catalyze the growth of the TYK2 market, expanding market share for the TYK2 class in large indications."

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 $11.19 yesterday.

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