Alumis Inc. (ALMS) saw its stock rise 5.67% in pre-market trading on Wednesday, following a surge of 95.31% in the previous session. The rally was driven by positive topline results from its Phase 3 ONWARD1 and ONWARD2 trials of envudeucitinib for moderate-to-severe plaque psoriasis, which met all primary and secondary endpoints with high statistical significance.
Additionally, the stock received multiple analyst upgrades, with Leerink Partners raising its target price to $32 from $20, Morgan Stanley increasing it to $33 from $22, and Wells Fargo lifting it to $39 from $17. These upgrades reflect growing confidence in Alumis Inc.'s prospects following the successful trial results.
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