Alumis Soars as Psoriasis Drug Hits All Phase 3 Goals, Drawing Bullish Analyst Praise

Shares of Alumis Inc. (NASDAQ: ALMS) are drawing fresh scrutiny from investors following a series of bullish analyst calls, all catalyzed by robust late-stage clinical data for the company's flagship autoimmune therapy.

Investment firm Chardan initiated coverage on January 21 with a Buy rating and a $37 price target, citing the "transformative potential" of Alumis's pipeline. The optimism centers on envudeucitinib, an oral TYK2 inhibitor. The drug recently cleared a major hurdle, hitting all primary and secondary endpoints with high statistical significance in two Phase 3 trials for moderate-to-severe plaque psoriasis. The data demonstrated strong skin clearance and positive patient-reported outcomes, positioning the therapy as a potential frontrunner in the TYK2-mediated disorder market.

Chardan's move follows other major upgrades. Just days earlier, H.C. Wainwright doubled its price target to $40 from $20, maintaining a Buy rating. The firm cited the Phase 3 data as a "game-changer" that substantially de-risks the regulatory pathway and expands the projected revenue ceiling for the oral TYK2 class. Similarly, Morgan Stanley raised its target to $33 from $22 on January 7, upgrading the stock to Overweight. Analysts there increased their probability-of-success estimate for the psoriasis indication to 80%, up from 60%, following the positive topline results from the Phase 3 ONWARD program.

The flurry of activity highlights a renewed focus on the autoimmune space and the competitive race to market an effective oral TYK2 inhibitor. Alumis, formerly known as Esker Therapeutics, is now squarely on the map as a clinical-stage biopharma with a late-stage asset that has validated its mechanism in a large patient population.

Market Voices:

"This is the validation the market was waiting for," says Dr. Anya Sharma, a biotech portfolio manager. "Hitting all endpoints so cleanly in Phase 3 psoriasis trials significantly derisks the asset and provides a clear regulatory runway. Alumis has effectively graduated from a speculative story to a commercial contender."

"Let's not get carried away," counters Marcus Thorne, a veteran healthcare analyst known for his skeptical takes. "Celebrating Phase 3 data is one thing; navigating commercialization, pricing pressures, and established competitors like Bristol Myers Squibb is another. The current hype feels premature, and a $40 price target seems detached from the commercial execution risks that lie ahead."

"As a patient with psoriasis who has cycled through several treatments, this news is genuinely exciting," shares Elena Rodriguez, a patient advocate. "An effective oral option with this profile could be life-changing for many. The patient-reported outcome data is just as important as the clinical metrics, and it's promising to see that highlighted."

The coming months will be critical for Alumis as it prepares regulatory submissions and lays the groundwork for a potential launch, with the market watching to see if its clinical success can translate into commercial momentum.