This Biotech Stock Is Up 355%. One Fund Added a $169 Million Position Last Quarter
Key Points
Deep Track Capital bought 6,772,595 shares of Alumis last quarter; the estimated transaction value was $169.31 million (based on average prices).
Meanwhile, the quarter-end position value changed by $149.20 million, reflecting the new stake.
The transaction represented a 2.76% increase relative to Deep Track Capital’s 13F reportable assets under management (AUM).
- 10 stocks we like better than Alumis ›
On May 15, 2026, Deep Track Capital disclosed a new position in Alumis (NASDAQ:ALMS), acquiring 6,772,595 shares—an estimated $169.31 million trade based on quarterly average pricing.
What happened
According to a May 15, 2026 SEC filing, Deep Track Capital reported acquiring 6,772,595 shares of Alumis (NASDAQ:ALMS) during the first quarter of 2026. The estimated transaction value was $169.31 million, based on the period’s average unadjusted closing price. As of March 31, 2026, the fund’s Alumis stake was valued at $149.20 million, reflecting both the purchase and stock price changes during the quarter.
What else to know
- Top five holdings after the filing:
- NASDAQ:GH: $308.35 million (6.4% of AUM)
- NASDAQ:IMVT: $286.33 million (5.9% of AUM)
- NASDAQ:TARS: $252.54 million (5.2% of AUM)
- NASDAQ:PCVX: $249.87 million (5.2% of AUM)
- NASDAQ:GPCR: $206.29 million (4.3% of AUM)
- As of Friday, shares of Alumis were priced at $22.02, up about 355% over the past year and well outperforming the S&P 500, which is up about 28% in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of Friday) | $22.02 |
| Market capitalization | $2.8 billion |
| Revenue (TTM) | $8.40 million |
| Net income (TTM) | ($237.41 million) |
Company snapshot
- Alumis develops clinical-stage biopharmaceutical products targeting autoimmune and neuroinflammatory diseases, with lead assets including ESK-001 and A-005.
- The firm operates a research-driven business model focused on advancing proprietary TYK2 inhibitors through clinical trials toward potential commercialization.
- It targets healthcare providers and patients affected by autoimmune disorders such as plaque psoriasis, systemic lupus erythematosus, and neurodegenerative diseases.
Alumis is a biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory conditions. It leverages expertise in allosteric TYK2 inhibition to advance a pipeline of differentiated clinical candidates. With a focus on unmet medical needs, Alumis aims to establish a competitive edge through innovative science and targeted clinical development strategies.
What this transaction means for investors
Deep Track has a history of making concentrated healthcare investments, and Alumis fits that playbook as a late-stage biotech with multiple shots on goal and several potentially value-defining catalysts over the next year.
The story is increasingly centered on envudeucitinib, the company's TYK2 inhibitor for autoimmune diseases. Recent Phase 3 psoriasis data showed PASI 90 response rates of 68.0% and 62.1% by Week 24, with PASI 100 rates reaching 41.0% and 39.5%. Management says it remains on track to submit an NDA in the fourth quarter of this year, while potentially pivotal Phase 2b lupus data are expected in the third quarter.
CEO Martin Babler said the results reinforce the drug's potential to "reshape the psoriasis treatment landscape" and described envudeucitinib as a potential "pipeline in a pill" with opportunities across additional immune-mediated diseases.
Financially, Alumis ended the quarter with $569.5 million in cash, cash equivalents, and marketable securities and expects that capital to fund operations into the fourth quarter of 2027.
For long-term investors, the thesis is straightforward. If upcoming lupus data and the planned psoriasis filing go well, today's valuation could look conservative. If either disappoints, the stock's remarkable run may prove difficult to sustain.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Guardant Health. The Motley Fool has a disclosure policy.
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