Alumis announced strong phase three trial results for its plaque psoriasis drug
Biotech stock Alumis Inc (NASDAQ:ALMS) is skyrocketing today, up 107.9% at $17.28 at last glance, after the Johnson & Johnson (JNJ) rival announced its plaque psoriasis drug, envudeucitinib, met all of its primary and secondary endpoints in both of its phase three trials.
Publicly traded since June 2024, today's price action has ALMS hitting fresh record highs. The shares are looking to a snap a seven-day losing streak as they head for their best day on record, and now sport a year-over-year lead of roughly 100%.
ALMS' typically quiet options pits are bustling with activity this morning. So far, 3,492 calls and 5,948 puts have crossed the tape, which is already 39 times the stock's average daily options volume. The January 16, 2026 21-strike call is the most popular contract, with new positions being bought to open there.
Notably, the equity has landed on the short sell restricted (SSR) list amid the volatility. Part of today's pop could be attributed to short covering, as short interest represents 6.2% of the stock's available float, or four days' worth of pent-up buying power.