Why One Fund’s $4 Million Alumis Buy Looks Like a Bet on a Breakthrough Autoimmune Drug

On May 8, 2026, ACT Capital Management disclosed a new position in Alumis (NASDAQ:ALMS), acquiring 174,250 shares in a trade estimated at $4.36 million based on quarterly average pricing.

What happened

According to a Securities and Exchange Commission (SEC) filing dated May 8, 2026, ACT Capital Management opened a new position in Alumis by purchasing 174,250 shares. The estimated value of this acquisition is $4.36 million, based on the average unadjusted closing price during the quarter. The quarter-end valuation of the position stood at $3.84 million, reflecting both share count and market price changes.

What else to know

• This was a new position for ACT Capital Management and represented 3.02% of its 13F reportable assets at quarter’s end.
• Top five holdings after the filing:
  • NASDAQ:KRYS: $15.62 million (12.3% of AUM)
  • NYSE:CVX: $15.52 million (12.2% of AUM)
  • NYSE:XOM: $11.88 million (9.3% of AUM)
  • NASDAQ:CELC: $10.46 million (8.2% of AUM)
  • NASDAQ:TGTX: $8.27 million (6.5% of AUM)
• As of May 7, 2026, Alumis shares were priced at $23.76, up a staggering 350% over the past year and vastly outperforming the S&P 500’s roughly 30% gain in the same period.

Company overview

Company snapshot

• Alumis develops clinical-stage medicines targeting autoimmune and neuroinflammatory disorders, with lead candidates including ESK-001 and A-005 focused on TYK2 inhibition.
• The firm operates a biopharmaceutical business model, generating revenue through the development and potential commercialization of novel therapeutics for chronic immune-related diseases.
• It targets healthcare providers and patients affected by autoimmune and neurodegenerative conditions, with a focus on indications such as plaque psoriasis and systemic lupus erythematosus.

Alumis is a clinical-stage biotechnology company specializing in the development of innovative therapies for autoimmune and neuroinflammatory diseases. The company leverages allosteric TYK2 inhibition technology to address unmet medical needs in chronic immune disorders. With a focused pipeline and a strategy centered on differentiated drug candidates, Alumis aims to establish a competitive position in the biopharmaceutical sector.

What this transaction means for investors

Alumis shares have already surged roughly 350% over the past year, but ACT Capital still initiated a position that immediately became more than 3% of assets under management. That suggests conviction around upcoming drug catalysts and the broader commercial potential of the company’s TYK2 pipeline.

In March, Alumis reported positive Phase 3 data for envudeucitinib in moderate-to-severe plaque psoriasis, with roughly 65% of patients achieving PASI 90 skin clearance and more than 40% achieving PASI 100 at Week 24. The company plans to submit an NDA in the second half of 2026 and expects potentially pivotal Phase 2b lupus data in the third quarter.

Alumis also strengthened its balance sheet in January with a $345 million stock offering and finished 2025 with $308.5 million in cash and marketable securities, which coincided with a massive stock surge.

For long-term investors, the opportunity here is obvious, but so is the risk. Alumis has promising data and multiple near-term catalysts, though the company still posted a $243 million net loss last year as research spending accelerated. Upcoming results will ultimately determine the stock’s trajectory.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Chevron and Krystal Biotech. The Motley Fool recommends TG Therapeutics. The Motley Fool has a disclosure policy.