Public Equity Report: Alumis slides after downsized IPO

Although the IPO by Alumis brought in about 30% less than the company had targeted, the company still managed to price the third-largest NASDAQ listing by a biotech thus far in 2024.

Shares of Alumis Inc. (NASDAQ:ALMS) sank 17% on Friday, a sign that even for a biotech with some compelling clinical data, the public markets aren’t always welcoming. The biotech raised $210 million through the sale of 13.1 million shares at $16, the bottom end of its proposed range...