Alumis (ALMS) Stock: Clinical Trial Results Send Shares Up 60% on Tuesday

TLDR

• Alumis stock jumped 60% after Phase 3 psoriasis drug trials showed 65% of patients hit PASI 90 and over 40% achieved complete skin clearance
• Envudeucitinib met all primary and secondary endpoints in two separate trials with high statistical significance
• The drug showed faster results than competitors, separating from placebo by Week 4
• Baird raised its price target from $17 to $35, calling the results “stellar” and envudeucitinib a “best-in-disease treatment option”
• FDA submission planned for second half of 2026, with systemic lupus results expected Q3 2026

Alumis stock climbed 60% on Tuesday after the company released Phase 3 results for its psoriasis treatment envudeucitinib.

The drug hit all primary and secondary endpoints across two separate trials. Both studies tested envudeucitinib in patients with moderate-to-severe plaque psoriasis.

About 65% of patients reached PASI 90 at Week 24. That means their psoriasis symptoms improved by 90%.

Alumis Inc. Common Stock, ALMS

More than 40% achieved complete skin clearance, measured as PASI 100. These rates held consistent across both trials.

The drug works by inhibiting tyrosine kinase 2, or TYK2. This blocks two inflammatory pathways: IL-23 and IL-17.

Dr. Jörn Drappa, Chief Medical Officer at Alumis, said the drug delivers what TYK2 inhibition can offer. By maxing out TYK2 inhibition, envudeucitinib tackles disease control from multiple angles.

Patients saw results quickly. The drug separated from placebo by Week 4.

Performance Against Competitors

Envudeucitinib beat apremilast in both trials. The head-to-head comparison showed better skin clearance rates.

The safety profile matched earlier studies. Most side effects were mild to moderate.

Common reactions included headaches, nasopharyngitis, upper respiratory infections, and acne. The drug was generally well tolerated through the 24-week mark.

Analyst Response and Timeline

Baird bumped its price target on Alumis from $17 to $35 following the data release. The firm kept its Outperform rating.

Baird called the results “stellar” and said envudeucitinib makes a case as a best-in-disease treatment. The new target sits 86% above the current price of $18.84.

Analysts noted the results lower risk for other potential uses. The company is testing the drug in systemic lupus erythematosus.

Baird said inflammatory and immunology assets with this level of clinical validation typically trade at higher valuations. The market hasn’t priced in the full value yet, according to the firm.

Alumis plans to file a New Drug Application with the FDA in the second half of 2026. The company expects Phase 2b results for systemic lupus in Q3 2026.

The stock has gained 144% over the past six months despite a 16% pullback last week.

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