Stock Market Today, Jan. 6: Alumis Shares Surge on Positive Phase 3 Psoriasis Data for Envudeucitinib

Alumis (ALMS +95.31%), which develops targeted therapies for immune-mediated diseases, closed Tuesday’s session at $16.23, up 95.31%. Trading volume reached 64.1 million shares, coming in about 3,077% above its three-month average of 2 million shares.

Tuesday’s move followed Phase 3 psoriasis data for envudeucitinib, which investors are treating as a potential commercial inflection point. The focus is now watching New Drug Application (NDA) timing and competitive dynamics in oral TYK2 inhibitors.

How the markets moved today

The S&P 500 (^GSPC +0.62%) rose 0.62% to 6,945, while the Nasdaq Composite (^IXIC +0.65%) gained 0.65% to finish at 23,547. Biotechnology peers Summit Therapeutics (SMMT +7.00%) and Insmed (INSM 0.07%) saw mixed moves, underscoring how stock-specific trial readouts are driving sentiment across the biotechnology group.

What this means for investors

Alumis is a clinical-stage biopharmaceutical company developing next-generation targeted therapies for patients with immune-mediated diseases. Today’s positive Phase 3 results achieved both primary and secondary endpoints with strong statistical significance in individuals with moderate-to-severe plaque psoriasis.

Small biotech and big pharma stocks typically react differently to trial news like this. Many smaller biotechs have binary outcomes where shares either soar or crash based on results. That explains why Alumis shares nearly doubled today.

The company is also taking advantage of that move by announcing plans to begin an offering of $175.0 million of shares of its common stock. That timely capital raise will help the company commercialize envudeucitinib and the rest of its drug pipeline.