Alumis initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Alumis (ALMS) with an Outperform rating and $32 price target The company is focused on delivering “class-leading” TYK2 inhibitors as oral solutions for patients with inflammatory and autoimmune disorders, the analyst tells investors in a research note. The firm says ESK-001 has shown “potentially best-in-class” activity in a Phase 2 psoriasis study, while central nervous system penetrant A-005 has potential applications across a range of neuroinflammatory indications and is poised to start Phase 2 studies in multiple sclerosis. ESK-001 alone has the potential to deliver multi-billion dollar revenues, contends Oppenheimer. It says Alumis is trading near cash levels with “transformational clinical data” anticipated in 2026.