Alumis Shares Surge 95% on $1.15B Volume, 98th in Trading Activity as Phase 3 Psoriasis Drug Hits Key Endpoints

Market Snapshot

, 2026, , . The stock ranked 98th in trading activity for the day, reflecting heightened investor interest driven by significant clinical trial results. The dramatic price movement followed the company’s announcement that its lead candidate, , met all primary and secondary endpoints in two Phase 3 trials for plaque psoriasis, a chronic immune-mediated skin condition.

Key Drivers

The stock’s meteoric rise was catalyzed by the successful Phase 3 ONWARD1 and ONWARD2 trials for envudeucitinib, a next-generation oral . The trials demonstrated statistically significant improvements in key metrics, . By Week 24, , , outperforming both placebo and , a currently marketed oral therapy. The rapid separation from placebo on PASI 90 as early as Week 4 underscored the drug’s efficacy, positioning it as a potential blockbuster in the psoriasis treatment market.

The safety profile of envudeucitinib further bolstered investor confidence. Adverse events were predominantly mild to moderate, with common side effects including headaches, nasopharyngitis, and acne. No new safety signals emerged in the 24-week data, aligning with earlier Phase 2 findings. This consistency in safety data reduced regulatory risks and reinforced the drug’s appeal as a well-tolerated oral alternative to biologics, which often require injections or infusions. Experts highlighted that the drug’s mechanism—maximal TYK2 inhibition—addresses both IL-23 and IL-17 pathways, offering comprehensive disease control and differentiating it from existing therapies.

The clinical success has triggered a regulatory and commercial pipeline. Alumis plans to submit a New Drug Application (NDA) to the FDA in the second half of 2026, with additional data to be presented at a future medical meeting. The company also announced plans to expand envudeucitinib’s development into systemic lupus erythematosus, with Phase 2b results expected in Q3 2026. This dual-indication strategy broadens the drug’s market potential, . adults, . Analysts noted that TYK2 inhibitors are increasingly validated in immune-mediated diseases, with genomic evidence linking the enzyme to roughly 20 conditions, including rheumatoid arthritis and inflammatory bowel disease.

Investor enthusiasm was further amplified by Baird’s upgraded price target for Alumis, , . The firm cited the trial results as a “compelling case” for envudeucitinib becoming a best-in-class treatment, highlighting its potential to disrupt the psoriasis market. , . , while notable, did not overshadow the clinical and commercial milestones driving the stock’s trajectory.

In summary, Alumis’s stock surge was driven by robust Phase 3 data demonstrating envudeucitinib’s efficacy and safety, a clear regulatory pathway, and a strategic pivot to expand the drug’s indications. These factors collectively positioned the company as a high-conviction play in the biotech sector, attracting both institutional and retail investors seeking exposure to transformative therapies in immune-mediated diseases.