Apr. 15 at 12:33 PM
H.C. Wainwright reiterated
$ALMS Buy;
$25 after H.C. Wainwright's 4th Annual Inflammatory Skin Disease Virtual Conference.
$JNJ -
$PTGX ORKA TAK BMY ABBV NVS LLY
H.C. Wainwright said in its note:
Per our Inflammatory Skin Disease Conference yesterday, our most important takeaways from the fireside chat with Alumis management were as follows:
(1) envu may be the strongest oral TYK2, given the baseline characteristics and comparability between envu trials,
(2) response may still deepen beyond Week 24,
(3) twice-daily (BID) dosing is expected to be a temporary launch format (with QD on the way), and
(4) differentiators from competition could be itch relief, quality of life, and prescribing simplicity (with simplicity strategy yet to be unveiled).
We reiterate our Buy rating and 12-month price target of
$25.
