HC Wainwright & Co. Hikes Alumis Inc. (ALMS)'s Price Target To $40 From $20, Reiterates Buy Rating

Alumis Inc. (NASDAQ:ALMS) is among the 14 best booming stocks to buy right now. On January 9, HC Wainwright & Co. lifted its price target on the stock to $40 from $20, while maintaining a Buy rating on the shares.

The adjustment came after the company shared promising results earlier in the week from the Phase 3 ONWARD1 and ONWARD2 trials evaluating the efficacy of envudeucitinib in patients with moderate to severe plaque psoriasis.

Both trials achieved their primary and secondary endpoints. Moreover, the results demonstrated safe usage and tolerability among patients, who also reported a significant improvement in their quality of life through eased itching. Alumis Inc. is planning to file for the drug’s approval with the FDA during the latter half of 2026.

HC Wainwright & Co. believes the results have ‘reset expectations’ in the area of oral tyrosine kinase 2 (TYK2). The firm sees a strong chance of the FDA approving envudeucitinib, which could lead to a major revenue surge for the company.

Several other research firms, including Wells Fargo and Morgan Stanley, also revised their positions on the stock following the announcement of trial results by increasing their price targets on Alumis Inc. (NASDAQ:ALMS).

As of the close of business on January 12, Wall Street analysts have a consensus Strong Buy rating on the stock with a one-year average share price target of $37.67, representing an upside of 78.62%.

Alumis Inc. (NASDAQ:ALMS) is a biopharmaceutical company with expertise in developing targeted therapies to treat immune-mediated diseases.

While we acknowledge the potential of ALMS as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 14 Best S&P 500 Stocks to Buy Now and 11 Most Oversold S&P 500 Stocks Heading into 2026

Disclosure: None.