Morgan Stanley resumed coverage of Alumis (ALMS) with an Overweight rating and $23 price target The firm updated its model for the Acelyrin merger and Q1 earnings. The Phase 3 data from Alumis’ lead pipeline program ESK-001 in psoriasis in Q1 of 2026 represents the next key catalyst for the shares, the analyst tells investors in a research note. Morgan believes the company’s pipeline is on track.
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