HC Wainwright has initiated coverage on Alumis Inc. (ALMS), a clinical-stage biopharmaceutical company developing oral therapies for immune-mediated diseases, with a Buy rating and a $30 price target. The firm is bullish on Alumis’ lead drug candidate, ESK-001, a TYK2 inhibitor currently in Phase 3 trials for psoriasis and Phase 2 trials for systemic lupus erythematosus. HC Wainwright believes ESK-001 possesses superior efficacy and selectivity compared to existing TYK2 inhibitors like Sotyktu (deucravacitinib), potentially capturing a significant market share.