Guggenheim Partners has commenced coverage on Alumis Inc. (NASDAQ
), a clinical-stage biopharmaceutical firm focused on developing oral therapies for immune-mediated diseases.
The investment strategy emphasizes the potential of Alumis’ leading asset, ESK-001, a next-generation TYK2 inhibitor currently in development for plaque psoriasis and systemic lupus erythematosus (SLE).
The company anticipates launching a Phase 3 trial for plaque psoriasis in the latter half of 2024, with results from the SLE study expected by 2026.
According to the Guggenheim analyst, ESK-001’s promising safety profile—free from the black box warnings associated with JAK inhibitors—and its potential efficacy position it as a competitive alternative to existing oral therapies for moderate to severe plaque psoriasis. Guggenheim’s key opinion leaders highlight a significant unmet need for more effective oral treatments that do not require lab monitoring.
In the competitive landscape, ESK-001 faces advanced-stage rivals including Takeda Pharmaceutical Company Limited’s (NYSE
) TAK-279, Bristol-Myers Squibb & Co’s (NYSE
) BMS-322, and Johnson & Johnson’s (NYSE
) JNJ-2113.
The Guggenheim analyst has issued a Buy rating on Alumis with a price target of $32.
Cantor Fitzgerald has also begun coverage of Alumis, assigning an Overweight rating. The firm notes that Alumis’ lead asset ESK-001, along with the brain-penetrant TYK2 inhibitor A-005 (currently in Phase 1), holds over $1 billion in commercial potential. This is notable given Alumis’ modest enterprise valuation of approximately $200 million.
Cantor Fitzgerald anticipates that Alumis shares will significantly outperform the market as these drug candidates advance through development.
Recently, Alumis completed its initial public offering at $16.00 per share and raised $250 million in gross proceeds through a concurrent private placement.
The Cantor analyst acknowledges initial market challenges but views Alumis’ current share price as an attractive entry point for investors looking to capitalize on the company’s future growth potential.
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