• Wells Fargo maintains an "Overweight" rating for Alumis Inc (NASDAQ:ALMS), raising the price target from $17 to $39.
• The stock price of ALMS climbed 107.9% to $17.28 following successful phase three trial results of its plaque psoriasis drug, envudeucitinib.
• Alumis Inc's market capitalization reaches approximately $1.77 billion, with a significant increase in trading volume and options market activity.

Alumis Inc (NASDAQ:ALMS) is a biopharmaceutical company that focuses on developing treatments for autoimmune diseases. Recently, Wells Fargo maintained its "Overweight" rating for ALMS, with a "hold" action, while raising the price target from $17 to $39, as highlighted by TheFly. At the time of this announcement, the stock price was around $16.89.

The stock price of ALMS has surged significantly, climbing 107.9% to $17.28. This increase follows the successful phase three trial results of its plaque psoriasis drug, envudeucitinib. The drug met all primary and secondary endpoints, positioning Alumis as a strong competitor to Johnson & Johnson in the psoriasis treatment market.

ALMS has been publicly traded since June 2024 and is currently reaching new record highs. The stock is on track to break a seven-day losing streak, boasting a year-over-year increase of approximately 108%. The stock price today rose by $8.64, with a trading range from $16.40 to $22.30, marking its highest price over the past year.

The market capitalization of ALMS is approximately $1.77 billion, with a trading volume of 49.14 million shares. The options market for Alumis has also seen a flurry of activity, with 3,492 calls and 5,948 puts traded, marking a volume 39 times higher than the stock's average daily options activity.