Alumis initiated with an Outperform at Baird

Baird initiated coverage of Alumis (ALMS) with an Outperform rating and $25 price target The company has two “differentiated” TYK2 inhibitors in development, each with blockbuster potential across immunology and inflammation and neuroinflammatory conditions, the analyst tells investors in a research note. The firm thinks the upcoming 52-week ESK-001 open-label extension data in plaque psoriasis, expected 2025, can further support the advantages of maximal target inhibition with continued improvements on Psoriasis Area and Severity Score thresholds.