Feb. 24 at 9:24 PM
Stifel🏁
$ALMS and said, We are initiating coverage with a Buy Rating and
$44 Target Price on Alumis Inc. (ALMS).
$TAK $BMY $JNJ -
$PTGX NVS ABBV
Stifel added, Our positive thesis on the stock is predicated on our view that next-generation TYK2s with the ability to achieve full target coverage have the potential to grow into an important oral class with the benefit of no Boxed Warning.
To that end, topline data in Psoriasis from ALMS'
Envudeucitinib provides support for the target coverage thesis with data that looks superior to both Zasocitinib and Sotyktu—more details likely to come at AAD (3/27-3/31).
Ultimately, success here derisks broader development not only in SLE (data 3Q26) but also in the plethora of other diseases where there's clear support for the TYK2 target/coverage hypothesis.
Looking ahead, with an NDA filing on track in psoriasis in 2H26, we see a path towards a strategic transaction to support the launch and expansion of the TYK2+ pipeline.
