Biotech Stocks Plunge 8% Despite Clinical Optimism: What Caused the Shift in Investor Sentiment?

Alumis (NASDAQ: ALMS) closed at $21.53 on April 6, down 7.88%. Volume topped 1.11 million shares, and market capitalization stood at approximately $2.65 billion (roughly KRW 3.6 trillion). The one-day decline erased about $190 million (approximately KRW 260 billion) in market value.

Last week, the company announced positive Phase 3 data for its plaque psoriasis therapy envudeucitinib, demonstrating improvements in skin lesions and patient quality of life. On March 19, it updated its 2025 outlook and funding position—including plans for a capital raise. On April 6, reports noted that, based on the latest clinical results and its safety profile versus comparators, Raymond James and Guggenheim remain bullish on the company.

Headquartered in South San Francisco, California, Alumis is a biotech firm developing treatments for immune-mediated diseases. Its late-stage pipeline is led by an oral TYK2 inhibitor portfolio. Key assets include TYK2 programs targeting psoriasis and systemic lupus erythematosus, as well as A-005, a candidate designed to penetrate the central nervous system.