Core Insights - BML Capital Management has completely liquidated its stake in Alumis, selling 1,210,415 shares for approximately $4.83 million, resulting in a total position value decrease in Alumis [1][2] Company Overview - Alumis is a clinical-stage biotechnology company focused on developing therapies for autoimmune and neuroinflammatory diseases, leveraging TYK2 inhibition to create differentiated drug candidates [6][9] - The company has a market capitalization of $3.3 billion, with a revenue of $22.12 million and a net income of -$245.15 million for the trailing twelve months [4] Stock Performance - As of February 2, shares of Alumis were priced at $26.42, reflecting a 255.1% increase over the previous year, significantly outperforming the S&P 500's approximate 15% gain during the same period [3] Financial Context - The decision to sell was made before Alumis announced a public offering in January, which subsequently led to a surge in share price by roughly 200% [10] - The company reported $377.7 million in cash and marketable securities as of the third quarter, indicating a need for substantial funding to advance its TYK2 inhibitor programs [11] Market Dynamics - The market's reaction to the January offering shifted the narrative from capital risk to clinical optionality, leading to a rapid repricing of the stock [12] - The exit from Alumis by BML Capital was more about exposure control rather than a negative assessment of the company's scientific prospects [12]
Alumis Stock Has Rallied 250% This Past Year. One Fund Sold Its $5 Million Stake Last Quarter.