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

Bristol-Myers Squibb Co

07/01/2026 14:53

** 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

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))