Assessing Alumis (ALMS) Valuation After S&P Pharma Index Inclusion and Reinforced Analyst Optimism

Alumis (ALMS) just cleared an important milestone: it has been added to the S&P Pharmaceuticals Select Industry Index, a move that can quietly reshape who owns the stock and how it trades.

See our latest analysis for Alumis.

The index inclusion comes after a powerful run, with a roughly 172 percent 3 month share price return off a base near 11 dollars. This signals building momentum as investors reassess Alumis growth potential and risk profile.

If Alumis sprint has you looking at what else might be re-rating in healthcare, this could be a smart moment to explore healthcare stocks for fresh ideas.

Yet with the stock up sharply and analysts still seeing nearly double digit upside to their targets, is Alumis an underappreciated autoimmune innovator, or is the market already baking in the next leg of growth?

Price-to-Book of 3.1x: Is it justified?

Using a price to book lens, Alumis trades at 3.1 times its book value, a richer tag than many US pharma names at current levels.

The price to book ratio compares the company’s market value to its net assets, a common yardstick for early stage, loss making biopharma businesses where earnings are not yet meaningful. For Alumis, this multiple reflects what investors are willing to pay today for its TYK2 pipeline, management execution and future optionality rather than current profits.

On one hand, Alumis looks expensive versus the broader US pharmaceuticals industry, where the average price to book sits around 2.4 times. This implies the market is assigning a premium to its growth runway and autoimmune focus. On the other hand, it screens as good value against more directly comparable peers at about 4.9 times book. This suggests investors are not paying the top of the range that similar high growth, unprofitable drug developers currently command.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-book of 3.1x (ABOUT RIGHT)

However, looming clinical trial setbacks or slower than expected uptake for its autoimmune candidates could quickly challenge the upbeat rerating that Alumis now enjoys.

Find out about the key risks to this Alumis narrative.

Build Your Own Alumis Narrative

If you see the story differently or prefer to dive into the numbers yourself, you can build a tailored view in just a few minutes: Do it your way.

A great starting point for your Alumis research is our analysis highlighting 2 key rewards and 5 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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