Alumis (NASDAQ: ALMS) Stock Plummets After Lupus Trial Failure: A Deep Dive into the Biotechnology Company's Future

Font: Financial Modeling Prep  • Sep 01, 2026

• Alumis (NASDAQ: ALMS) experienced a significant stock drop following the failure of its Phase II lupus drug trial.
• Despite the overall trial setback, positive results in a specific patient subgroup offer a potential path for future drug development for the biotechnology firm.
• The company maintains a promising pipeline, with a New Drug Application for its psoriasis treatment still on track for Q4 2026.

Alumis is a late-stage biotechnology company. This means it is in the advanced stages of drug testing but does not yet have a product to sell. The company's value is mainly based on its main drug candidate, envudeucitinib, which is designed to treat psoriasis and lupus.

On September 1, 2026, an analyst from Robert W. Baird lowered their price target on Alumis to $27 from $35. A price target is an analyst's prediction of a stock's future price. At the time of this change, the stock was trading at $9.47 per share.

The analyst's decision follows news about the company's Phase II trial for lupus. As highlighted by MarketBeat, the trial did not meet its main goals. This setback caused the stock price to fall by $12.34, a significant drop of 56.58% in a single day.

Despite the overall trial failure, the company found positive results in a specific group of patients. This group had a high interferon gene signature, a biological marker. Alumis plans to focus on this promising subgroup in future discussions with regulators for potential Phase 3 development.

The company's drug is also being tested for psoriasis. Alumis is still on track to submit a New Drug Application for its psoriasis treatment in the fourth quarter of 2026. This potential success in another area still supports some of the company's future value.