Stifel on Alumis Inc (ALMS): 'upcoming Ph2b data in SLE in 3Q26 represent the most important near-term catalyst for the stock'

Stifel analyst Alex Thompson reiterated a Buy rating and $44.00 price target on Alumis Inc (NASDAQ: ALMS)

The analyst comments "We are reiterating our Buy rating following ALMS' 1Q26 update. Following full Ph3 envudeucitinib (TYK2) data at AAD in March--which showed robust and consistent topline PASI responses with continued deepening through week-24--ALMS plans to file their NDA submission in 4Q26 (narrowed from 2H26)--longer-term data expected in 2H26. Data here were comparable/better vs. TAK's zasocitinib and JNJ's Icotyde (IL-23R) and set up well into the evolving psoriasis landscape. That said, given the expected competitive nature of the next-gen oral market in psoriasis, upcoming Ph2b data in SLE in 3Q26 represent the most important near-term catalyst for the stock with the potential to prove out the IC90 hypothesis in IFN-pathway driven diseases--an area with significant unmet need that could unlock more favorable partnership opportunities as ALMS moves towards a commercial transition. A clean win with efficacy better than deucravacitinib could meaningfully expand the path for next-gen TYK2s."

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 $24.63 yesterday.

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