Alumis Stock Has Soared 400%. Cormorant Bought Another $8 Million Last Quarter
Key Points
Cormorant bought 313,645 additional Alumis shares in the first quarter; the estimated trade size was $7.84 million (using average prices in the quarter).
The quarter-end value of the position rose by $51.52 million, reflecting both trading activity and price changes.
The transaction value represented a 0.39% increase relative to the fund’s $1.99 billion in reportable assets.
Post-trade, the fund holds 3,949,241 Alumis shares valued at $87.00 million.
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On May 15, 2026, Cormorant Asset Management disclosed a buy of 313,645 shares of Alumis (NASDAQ:ALMS), with the estimated transaction value at $7.84 million based on quarterly average pricing.
What happened
According to a May 15, 2026 SEC filing, Cormorant Asset Management increased its position in Alumis by 313,645 shares during the first quarter. The firm’s estimated trade size was $7.84 million, calculated using the quarter’s average closing price. The stake’s value at quarter-end rose by $51.52 million, a figure that incorporates both buying activity and market price movements.
What else to know
- Cormorant’s buy brings its Alumis stake to 4.37% of 13F assets as of March 31, 2026.
- Top holdings after the filing:
- NASDAQ:PRAX: $285.30 million (14.4% of AUM)
- NASDAQ:BBOT: $160.01 million (8.1% of AUM)
- NASDAQ:EYPT: $106.54 million (5.4% of AUM)
- NASDAQ:EWTX: $102.69 million (5.2% of AUM)
- NASDAQ:ERAS: $93.84 million (4.7% of AUM)
- As of May 14, 2026, Alumis shares were priced at $24.63, up about 400% over the past year and vastly outperforming the S&P 500’s roughly 25% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close May 14, 2026) | $24.63 |
| Market Capitalization | $2.85 billion |
| Revenue (TTM) | $24.1 million |
| Net Income (TTM) | ($243.3 million) |
Company snapshot
- Alumis develops clinical-stage biopharmaceutical products targeting autoimmune and neuroinflammatory diseases, including ESK-001 and A-005, with a focus on allosteric TYK2 inhibitors.
- The company operates a research-driven model, advancing proprietary drug candidates through clinical trials.
- It targets healthcare providers and pharmaceutical partners addressing autoimmune and neurodegenerative conditions, with a primary focus on the biotechnology and healthcare sectors.
Alumis is a clinical-stage biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory disorders. The company leverages its expertise in allosteric TYK2 inhibition to advance a pipeline of differentiated drug candidates. With a research-centric strategy and a focus on high unmet medical needs, Alumis aims to establish a competitive edge in the biopharmaceutical landscape.
What this transaction means for investors
This is one of several buys Cormorant made last quarter into high-flying biotechs. With shares up roughly 400% over the past year, the fund added even more exposure, signaling confidence that the company’s late-stage autoimmune pipeline could continue driving upside from here.
A lot of that optimism centers around envudeucitinib, Alumis’ oral TYK2 inhibitor for plaque psoriasis and lupus. Just last week, the company reported strong Phase 3 psoriasis data showing PASI 90 response rates above 60% and PASI 100 rates ofo about 40% by Week 24, results management said support the drug’s potential as a leading oral psoriasis therapy. Alumis also said it remains on track to submit an NDA in the fourth quarter of 2026, while potentially pivotal lupus data are expected in the third quarter.
The balance sheet also gives the company flexibility. Alumis ended March with about $569.5 million in cash, cash equivalents, and marketable securities, which management says should fund operations into late 2027.
As with its other buys (in Dianthus and Erasca), the opportunity is clear, but so is the risk. Expectations are now extremely high after the stock’s massive run, meaning future clinical data will matter far more than hype alone.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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