Alumis initiated with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Eric Schmidt initiated coverage of Alumis with an Overweight rating and $13 price target. Alumis develops small molecule drug candidates for large immunology markets, the analyst tells investors in a research note. The firm thinks ESK-001 and brain penetrant TYK2 inhibitor A-005 have large commercial potential in relation to the company’s “modest valuation.” It expects the shares to “substantially outperform the market as these candidates advance.”