Biopharma firm Alumis extends gains after commencing $175 mln stock offering

Alumis ALMS.O shares up 9.1% at $17.71 early Weds as biopharma co seeks equity after its stock surged to record high in the prior session

ALMS shares on Tues more than doubled before finishing up 95% at $16.23 after co's skin disease drug, envudeucitinib, met the main goal in two late-stage studies

After the bell Tues, the South San Francisco-based co commenced $175 mln stock offering

Co plans to use net offering proceeds to fund potential marketing application to the U.S. FDA and launch preparations for envudeucitinib, fund clinical development of the drug, and for other pipeline and research programs, among other uses, per the offering prospectus

If cleared by the FDA, envudeucitinib would compete with Bristol Myers Squibb's BMY.N Sotyktu

Morgan Stanley, Leerink, Cantor Fitzgerald and Wells Fargo joint bookrunners for the offering

ALMS has ~104.3 mln shares outstanding for roughly $1.7 bln market cap

Stock rose 24% in 2025

All 8 analysts are bullish on the stock, including 4 "strong buy" ratings; median PT $33, per LSEG