ALMS

In September 2026, Alumis shares collapsed by over half their value in a single session after its lead drug candidate, envudeucitinib, failed to meet primary and secondary endpoints in the Phase 2b LUMUS trial for systemic lupus erythematosus, resulting in a 57% single-day stock drop and analyst price target cuts. However, in October 2026, Alumis announced new Phase 3 data showing that envudeucitinib rapidly and durably improved psoriasis burden across scalp, itch, and quality of life measures. Despite the significant September decline, the stock had gained 102% over the past year as of September 2026, reaching a 52-week high of $31.35 and a low of $4.28, with significant insider buying observed in the past three months.