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With an analyst consensus upside of 79.4%, Alumis Inc. (NASDAQ:ALMS) ranks among the under-the-radar stocks with massive upside for 2026.

Alumis Inc. (NASDAQ:ALMS) drew three analyst price target raises after reporting Q1 results and advancing its envudeucitinib pipeline toward a pair of major readouts.

On May 19, 2026, Chardan raised its price target to $40 from $38 and kept a “Buy” rating, citing updated pricing assumptions for envudeucitinib, modest changes in psoriasis penetration estimates, and updated financials after Q1 results. On May 15, 2026, Wells Fargo raised its target to $51 from $49 and kept an “Overweight” rating, arguing the Street-implied probability of success for envudeucitinib’s Phase 2b in systemic lupus erythematosus is too low, creating a favorable risk/reward setup ahead of the Q3 readout. Also on May 15, 2026, Guggenheim analyst Yatin Suneja raised the firm’s target on Alumis Inc. (NASDAQ:ALMS) to $34 from $32 and kept a “Buy” rating, with the higher target reflecting the updated cash position following Q1 results.

Those updates followed Alumis Inc. (NASDAQ:ALMS)’s Q1 2026 report on May 14, 2026.

Alumis Inc. (NASDAQ:ALMS) ended the quarter with $569.5 million in cash, cash equivalents, and marketable securities, which is expected to fund operations into the fourth quarter of 2027. Net loss narrowed to $93.1 million from $99.0 million a year earlier. R&D expenses fell to $81.5 million from $96.6 million, primarily due to lower clinical trial costs following completion of enrollment for the pivotal ONWARD1 and ONWARD2 trials.

On the pipeline side, Phase 3 envudeucitinib data presented at the 2026 American Academy of Dermatology meeting showed PASI 90 responses of 68.0% and 62.1%, and PASI 100 responses of 41.0% and 39.5% by Week 24.

Alumis Inc. (NASDAQ:ALMS) remains on track for an NDA submission in Q4 2026 and a potentially pivotal Phase 2b SLE topline readout in Q3 2026.

Alumis Inc. (NASDAQ:ALMS) is a clinical-stage biopharmaceutical company that develops and commercializes medicines for autoimmune disorders. It was formerly known as Esker Therapeutics.

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