Alumis' Drug 'Very Positive' for Treatment of Psoriasis, Systemic Lupus Erythematosus, Oppenheimer Says

MT Newswires Live03-30

Alumis' (ALMS) recent phase 3 results for its psoriasis treatment envudeucitinib is "very positive" for the company, Oppenheimer said in a note emailed Monday.

Envudeucitinib had similar efficacy as Johnson & Johnson's (JNJ) icotrokinra and Takeda Pharmaceutical's (TAK) zasocitinib, while the Alumis drug had an edge on quality of life and a potentially tougher trial population than Takeda's drug, Oppenheimer analysts said.

The trial data also supports a differentiated profile for envudeucitinib in upcoming trials for systemic lupus erythematosus, with phase 2 results expected in Q3, the analysts said. They noted that a competing drug for the treatment of the disease, Bristol-Myers Squibb's (BMY) deucravacitinib, has a more challenging safety profile and showed weaker potency in psoriasis efficacy.

The analysts anticipate a higher probability of success for envudeucitinib in treatment for the two diseases, but said their expectations are tempered around market share due to Johnson & Johnson's recently approved icotrokinra.

Oppenheimer reiterated the company's stock rating at outperform and raised the price target to $55 from $50.

Price: 23.21, Change: -1.59, Percent Change: -6.41

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