Stock Track | Alumis Inc. Plunges 5.79% Post-Market Following $175 Million Public Stock Offering Announcement
Stock Track
Jan 07
Alumis Inc. (ALMS) saw its shares plummet 5.79% in post-market trading on Tuesday, reversing earlier gains driven by positive clinical trial results.
The decline followed the company's announcement of a proposed public offering of $175 million in common stock, with an additional $26.25 million overallotment option for underwriters. Such offerings often lead to share price declines due to dilution concerns among existing shareholders.
Earlier in the day, Alumis had surged after reporting successful Phase 3 trials for its plaque psoriasis treatment, envudeucitinib. However, the subsequent capital-raising plans appear to have overshadowed this positive development in after-hours trading.
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