Biopharma firm Alumis rises after boosted $300 mln stock sale

Biopharma co Alumis ALMS.O shares up 1.3% premarket to $18.15 after above-target $300 mln equity raise

Co late Weds said it sold ~17.7 mln shares at $17, a 5.1% discount to last sale

South San Francisco-based ALMS commenced $175 mln offering late Tues after its stock more than doubled on news that its skin disease drug, envudeucitinib, met the main goal in two late-stage studies

ALMS shares rose about 10% on Weds

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

Morgan Stanley, Leerink, Cantor Fitzgerald and Wells Fargo joint bookrunners

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