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Guggenheim Downgrades Alumis Inc (ALMS) to Neutral

Wed, 02 Sep 2026 16:35:57 -0400

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

Guggenheim Downgrades Alumis Inc (ALMS) to Neutral

Wed, 02 Sep 2026 16:35:57 -0400

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

Alumis Inc (ALMS) PT Lowered to $37 at Oppenheimer

Wed, 02 Sep 2026 07:55:56 -0400

Oppenheimer analyst Jeff Jones lowered the price target on Alumis Inc (NASDAQ: ALMS) to $37.00 (from $55.00) while maintaining a Outperform rating.

Alumis Inc (ALMS) PT Lowered to $29 at Morgan Stanley

Wed, 02 Sep 2026 06:26:14 -0400

Morgan Stanley analyst Terence Flynn lowered the price target on Alumis Inc (NASDAQ: ALMS) to $29.00 (from $39.00) while maintaining a Overweight rating.

The analyst comments "ALMS reported that a Ph2 SLE/lupus trial of key pipeline drug Envudeucitinib (Envu; oral TYK2i) failed to meet the primary and secondary endpoints and shares traded down -57% (vs. S&P 500 -0.7%) - see our first take HERE. The company hosted a conference call and provided more details on the prespecified subgroup of patients with high interferon gene signature (IFNGS), placebo behavior, and imputation methodology and shared that they plan to discuss the Ph3 path

Alumis Inc (ALMS) PT Lowered to $29 at Morgan Stanley

Wed, 02 Sep 2026 06:26:14 -0400

Morgan Stanley analyst Terence Flynn lowered the price target on Alumis Inc (NASDAQ: ALMS) to $29.00 (from $39.00) while maintaining a Overweight rating.

Alumis Inc (ALMS) PT Lowered to $27 at Baird

Wed, 02 Sep 2026 06:17:19 -0400

Baird analyst Brian Skorney lowered the price target on Alumis Inc (NASDAQ: ALMS) to $27.00 (from $35.00) while maintaining a Outperform rating.

Alumis Inc (ALMS) PT Lowered to $25 at Wells Fargo

Wed, 02 Sep 2026 05:13:49 -0400

Wells Fargo analyst Derek Archila lowered the price target on Alumis Inc (NASDAQ: ALMS) to $25.00 (from $51.00) while maintaining a Overweight rating.

The analyst comments "How we are thinking about valuation: This is the tricky part, envu's PsO oppty deserves value but how much? Assuming a co-co, we get to $13/shr as mgmt reiterated to us they do not plan to launch themselves. Mgmt had highlighted previously waiting for the SLE data prior to making strategic decisions, which is needed to add to their cash runway. We assign a 35% POS (from 75%) for SLE worth ~$6/sh based on today's

Alumis Inc (ALMS) PT Lowered to $25 at Wells Fargo

Wed, 02 Sep 2026 05:13:49 -0400

Wells Fargo analyst Derek Archila lowered the price target on Alumis Inc (NASDAQ: ALMS) to $25.00 (from $51.00) while maintaining a Overweight rating.

Alumis SLE trial fails primary endpoints; subgroup data guides Phase 3

Tue, 01 Sep 2026 07:32:55 -0400

Alumis Inc. (Nasdaq: ALMS) announced that its Phase 2b LUMUS trial of envudeucitinib for moderate-to-severe systemic lupus erythematosus (SLE) did not meet its primary and secondary endpoints in the overall trial population, according to a company statement.

The trial enrolled 408 patients who received one of three envudeucitinib doses or placebo over 48 weeks. The primary endpoint measured overall disease activity using the British Isles Lupus Assessment Group-based Composite Lupus Assessment (BICLA) at Week 48.