ACT Capital Management has made a significant move by acquiring 174,250 shares of Alumis (ALMS), valued at approximately $4.36 million, according to a recent SEC filing. This new position represents 3.02% of ACT’s reportable assets at the end of the quarter, highlighting a strategic bet on Alumis amid its impressive stock performance.
Alumis has seen its shares soar 350% over the past year, far outpacing the S&P 500’s 30% gain. The company, focused on developing innovative therapies for autoimmune and neuroinflammatory diseases, is on the cusp of important milestones, including an NDA submission for its lead candidate, envudeucitinib, and pivotal Phase 2b data for lupus expected later this year. Despite a substantial net loss of $243 million last year due to increased research spending, the recent positive Phase 3 trial results for plaque psoriasis bolster investor confidence.
For market professionals, ACT’s investment signals strong conviction in Alumis’ pipeline and upcoming catalysts, making it a noteworthy stock to monitor as it navigates potential volatility ahead.
Source: fool.com