Core Insights - Alumis Inc. (NASDAQ:ALMS) is recognized as one of the top 14 booming stocks to buy currently, with HC Wainwright & Co. raising its price target from $20 to $40 while maintaining a Buy rating [1][2] Group 1: Trial Results and Drug Approval - The price target adjustment by HC Wainwright & Co. followed promising results from Phase 3 ONWARD1 and ONWARD2 trials, which evaluated the efficacy of envudeucitinib in patients with moderate to severe plaque psoriasis [2] - Both trials successfully achieved their primary and secondary endpoints, demonstrating safe usage and tolerability among patients, who reported significant improvements in quality of life through reduced itching [3] - Alumis Inc. plans to file for FDA approval of envudeucitinib in the latter half of 2026 [3] Group 2: Market Expectations and Analyst Ratings - HC Wainwright & Co. believes the trial results have 'reset expectations' in the oral tyrosine kinase 2 (TYK2) area, indicating a strong likelihood of FDA approval for envudeucitinib, which could significantly boost the company's revenue [4] - Following the trial results, several research firms, including Wells Fargo and Morgan Stanley, have also revised their positions on Alumis Inc. by increasing their price targets [4] - As of January 12, Wall Street analysts have a consensus Strong Buy rating on the stock, with a one-year average share price target of $37.67, representing an upside of 78.62% [5] Group 3: Company Overview - Alumis Inc. is a biopharmaceutical company specializing in developing targeted therapies for immune-mediated diseases [5]
HC Wainwright & Co. Hikes Alumis Inc. (ALMS)’s Price Target To $40 From $20, Reiterates Buy Rating