Alumis Inc. (ALMS) saw its stock soar by 11.21% during Wednesday's intraday trading session, continuing its recent upward momentum. The surge follows a series of analyst upgrades and positive results from Phase 3 trials of its drug envudeucitinib for moderate-to-severe plaque psoriasis.

Multiple analysts have raised their target prices for ALMS, reflecting growing confidence in the company's prospects. Wells Fargo increased its target to $39 from $17, Leerink Partners lifted its target to $32 from $20, and Morgan Stanley raised its target to $33 from $22. These upgrades come after the company reported that its drug met all primary and secondary endpoints in late-stage studies with high statistical significance.

Additionally, Alumis has commenced a $175 million stock offering to fund potential marketing applications to the U.S. FDA and launch preparations for envudeucitinib. If approved, the drug would compete with Bristol Myers Squibb's Sotyktu in the psoriasis treatment market.