TLDR
- Alumis stock jumped 60% after Phase 3 psoriasis drug trials showed 65% of patients hit PASI 90 and over 40% achieved complete skin clearance
- Envudeucitinib met all primary and secondary endpoints in two separate trials with high statistical significance
- The drug showed faster results than competitors, separating from placebo by Week 4
- Baird raised its price target from $17 to $35, calling the results “stellar” and envudeucitinib a “best-in-disease treatment option”
- FDA submission planned for second half of 2026, with systemic lupus results expected Q3 2026
Alumis stock climbed 60% on Tuesday after the company released Phase 3 results for its psoriasis treatment envudeucitinib.
Alumis Inc. Common Stock, ALMS
The drug hit all primary and secondary endpoints across two separate trials. Both studies tested envudeucitinib in patients with moderate-to-severe plaque psoriasis.
About 65% of patients reached PASI 90 at Week 24. That means their psoriasis symptoms improved by 90%.
More than 40% achieved complete skin clearance, measured as PASI 100. These rates held consistent across both ONWARD trials.
The drug works by inhibiting tyrosine kinase 2, or TYK2. This blocks two inflammatory pathways: IL-23 and IL-17.
Dr. Jörn Drappa, Chief Medical Officer at Alumis, said the drug delivers what TYK2 inhibition can offer. By maxing out TYK2 inhibition, envudeucitinib tackles disease control from multiple angles.
Envudeucitinib Shows Rapid Results
Patients saw results quickly. The drug separated from placebo by Week 4.
Envudeucitinib beat apremilast in both trials. The head-to-head comparison showed better skin clearance rates.
The safety profile matched earlier studies. Most side effects were mild to moderate.
Common reactions included headaches, nasopharyngitis, upper respiratory infections, and acne. The drug was generally well tolerated through the 24-week mark.
Analyst Price Target Increase
Baird bumped its price target on Alumis from $17 to $35 following the data release. The firm kept its Outperform rating.
The new target sits 86% above the current price of $18.84. Analyst consensus targets range from $17 to $25.
Baird called the results “stellar” and said envudeucitinib makes a case as a best-in-disease treatment. The firm noted that inflammatory and immunology assets with this level of clinical validation typically trade at higher valuations.
Alumis stock has gained 144% over the past six months. The shares saw a 16% pullback last week before Tuesday’s rally.
The company plans to file a New Drug Application with the FDA in the second half of 2026. Alumis is also testing envudeucitinib for systemic lupus erythematosus, with Phase 2b results expected in Q3 2026.
