On February 2, BML Capital Management disclosed in a Securities and Exchange Commission filing that it sold out of Alumis (ALMS 3.53%), liquidating 1,210,415 shares in an estimated $4.83 million trade.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 2, BML Capital Management reported a complete sale of its 1,210,415-share stake in Alumis (ALMS 3.53%). As a result, the fund's quarter-end position value in Alumis decreased by $4.83 million, and it now holds no shares.
What else to know
Top holdings after the filing:
- NASDAQ: ACRS: $42.89 million (38.0% of AUM)
- NASDAQ: AVIR: $26.74 million (23.7% of AUM)
- NASDAQ: ORMP: $9.03 million (8.0% of AUM)
- NASDAQ: TIL: $7.10 million (6.3% of AUM)
- NASDAQ: PMVP: $6.62 million (5.9% of AUM)
As of February 2, shares of Alumis were priced at $26.42, up a staggering 255.1% over the prior year and well outperforming the S&P 500’s roughly 15% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Market capitalization | $3.3 billion |
| Revenue (TTM) | $22.12 million |
| Net income (TTM) | ($245.15 million) |
| Price (as of February 3) | $26.42 |
Company snapshot
- Alumis develops clinical-stage therapies for autoimmune and neuroinflammatory disorders, including ESK-001 and A-005 targeting TYK2 inhibition.
- The company operates a biopharmaceutical business model focused on advancing proprietary drug candidates through clinical trials toward regulatory approval and commercialization.
- It targets patients with autoimmune diseases such as plaque psoriasis, systemic lupus erythematosus, and neurodegenerative conditions.
Alumis is a clinical-stage biotechnology company specializing in the development of novel therapies for autoimmune and neuroinflammatory diseases. The company leverages expertise in TYK2 inhibition to advance a pipeline of differentiated drug candidates addressing significant unmet medical needs. With a focus on innovation and clinical rigor, Alumis seeks to establish a competitive position in the biopharmaceutical sector through targeted therapeutic development.
What this transaction means for investors
BML Capital’s move is a reminder that even disciplined portfolio decisions can collide with fast-moving catalysts. The sale was completed by December 31, as of the filing’s period-end date, before Alumis announced its January upsized public offering and before shares went on to surge roughly 200% in the weeks that followed.
At the time, the decision was defensible. Alumis was a clinical-stage biotech with no approved products and heavy R&D spend. As of the third quarter, the company reported $377.7 million in cash and marketable securities, but advancing its TYK2 inhibitor programs toward late-stage trials requires deep pockets and patience. For a fund concentrated in early-stage biotech, risk management might often mean trimming or exiting ahead of known financing events.
What changed was the market’s reaction. The January offering removed balance-sheet uncertainty and flipped the narrative from capital risk to clinical optionality. Momentum followed quickly, repricing the stock well ahead of any new trial data. Ultimately, this portfolio remains heavily skewed toward development-stage names, suggesting the exit was about exposure control rather than a negative read on the science. The lesson isn’t necessarily about regret. After all, in biotech, capital events can reset sentiment faster than fundamentals, and sometimes the biggest moves happen after the risk you were managing disappears.
