Newly-Listed Psoriasis Alumis Attracts Analysts' Attention With Promising Lead Program And Modest Valuation
Newly-Listed Psoriasis Alumis Attracts Analysts' Attention With Promising Lead Program And Modest Valuation
Guggenheim Partners initiated coverage on Alumis Inc. (NASDAQ:ALMS), a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases.
古根海姆合伙公司开始对Alumis公司（NASDAQ：ALMS）进行覆盖，该公司是一家临床阶段的生物制药公司，正在开发口服治疗免疫介导疾病的疗法。
The investment thesis centers around a positive view of its lead asset ESK-001, a next-gen TYK2 inhibitor currently in development for plaque psoriasis and systemic lupus erythematosus (SLE).
投资论点的中心在于对其领先资产ESk-001的积极看法，这是一种下一代TYK2抑制剂，目前正在开发用于银屑病和系统性红斑狼疮（SLE）。
The company's management expects to initiate a Phase 3 trial for plaque psoriasis in the second half of 2024, and data from the SLE study are expected in 2026.
该公司管理层预计在2024年下半年启动银屑病的三期试验，并预计在2026年公布SLE研究的数据。
The analyst writes that favorable safety (with no risk of JAK class black box warning) and potential BIC efficacy make ESK-001 a potentially competitive alternative to available oral therapies in moderate, severe plaque psoriasis, where according to Guggenheim's KOLs, there is a large unmet need for more effective orals that require no lab monitoring.
分析师指出，有利的安全性（无JAk类黑盒子警告的风险）和潜在的BIC疗效使得ESk-001成为一种潜在的竞争性替代品，针对中度、重度银屑病的口服治疗，根据古根海姆（Guggenheim）的KOL，这是需要无需实验室监测的更有效的口服治疗药物的一个大的未满足需求。
Among orals in development, Takeda Pharmaceutical Company Limited's (NYSE:TAK) TAK-279, Bristol-Myers Squibb & Co's (NYSE:BMY) BMS-322, and Johnson & Johnson's (NYSE:JNJ) JNJ-2113 are ESK-001's direct competitors in advanced clinical stage.
在正在开发的口服治疗药物中，武田制药有限公司（NYSE:TAK）的TAk-279、缔造（Bristol-Myers Squibb &Co）的BMS-322和强生（Johnson & Johnson）的JNJ-2113是ESK-001在先进临床阶段的直接竞争对手。
The Guggenheim analyst initiates with a Buy rating, with a price target of $32.
古根海姆分析师给出买入评级，并设定32美元的价格目标。
Cantor Fitzgerald also initiated coverage of Alumis with an Overweight rating. It writes that the company's ESK-001 and brain-penetrant TYK2 inhibitor A-005 (in Phase 1) have over $1 billion in commercial potential in relation to Alumis' modest valuation, with an enterprise value of around $200 million.
坎特菲茨杰拉尔德（Cantor Fitzgerald）也开始对Alumis进行覆盖，并给出超额评级。它写道，与Alumis的适度估值相比，该公司的ESk-001和穿过血脑屏障的TYK2抑制剂A-005（处于1期）具有超过10亿美元的商业潜力，企业价值约为2亿美元。坎特期望这些候选药物随着时间的推移而实现大幅跑赢市场。
Cantor expects shares to substantially outperform the market as these candidates advance.
坎特期望这些候选药物随着时间的推移而实现大幅跑赢市场。
Just a month ago, Alumis priced its initial public offering at $16.00 per share and a concurrent private placement, raising $250 million in gross proceeds.
仅在一个月前，Alumis的IPO定价为每股16.00美元，同时进行了定向增发，募集了2.5亿美元的总收益。
The analyst notes that despite initial frustrations, Alumis' market debut is now in the past. The company has the necessary resources to progress its pipeline and the chance to reshape its story moving forward.
分析师指出，尽管最初存在一些挫折，但Alumis的市场首次公开募股已经过去。该公司拥有推进其产品管道的必要资源，并有机会塑造未来的发展故事。
"Meanwhile, Alumis' share price provides what we think is a very attractive entry point for investors willing to take a fresh look," the Cantor analyst writes.
坎特分析师写道：“与此同时，Alumis的股价为投资者提供了一个非常有吸引力的入场点。”
Price Action: ALMS stock is up 0.48% at $12.66 at last check Wednesday.
股价行动：ALMS股票在上周三最后一次检查时上涨0.48％，报12.66美元。
Photo via Shutterstock
图片来自shutterstock。
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