Alumis Inc. (NASDAQ:ALMS) is drawing fresh investor attention after a major stock sale and bullish analyst price forecast increases.
The clinical-stage biotechnology firm set terms for an expanded share sale designed to fund its immune disease pipeline.
Alumis priced 17.65 million common shares at $17 each. The deal should raise about $300 million before fees.
Analyst Ratings
Guggenheim analyst Yatin Suneja maintains a Buy rating on Alumis, raising the price forecast from $18 to $32.
Additionally, Morgan Stanley analyst Terence Flynn maintains a rating of Overweight for Alumis, raising the price forecast from $22 to $33.
Capital Strategy
The company plans to use the proceeds to advance development of precision medicines targeting immune-driven disorders.
Alumis expects the offering to close on Jan. 9, pending standard settlement conditions.
Morgan Stanley and Leerink Partners led the bookrunning group. Cantor and Wells Fargo Securities also served as joint managers.
The underwriting syndicate holds a 30-day option to buy 2.65 million more shares. That provision could expand total proceeds.
The larger deal size suggests strong interest from institutional buyers. Higher demand allowed Alumis to increase the offering scale.
According to Benzinga Pro, ALMS stock has gained over 133% in the past year.
Investors can gain exposure to the stock via Virtus LifeSci Biotech Clinical Trials ETF (NYSE:BBC).
ALMS Price Action: Alumis shares were up 0.56% at $18.02 during premarket trading on Thursday, according to Benzinga Pro data.
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