Omega Fund Management Trims Alumis Stake as Biotech Surges 300 Per Cent
The divestment leaves Omega with a 3.3 per cent holding in Alumis, even as the company prepares for a fourth-quarter FDA submission for its lead candidate, envudeucitinib.
Omega Fund Management disclosed on 15 May 2026 that it sold 411,968 shares of Alumis Inc (NASDAQ: ALMS) in a transaction valued at an estimated $10.3 million. The sale, reported in a filing with the US Securities and Exchange Commission, reduced the fund’s holding to 241,255 shares. This remaining position represents 3.3 per cent of the fund’s 13F assets under management.
The transaction occurred as Alumis shares climbed to $22.87, marking a 327 per cent increase over the past 12 months. This performance significantly outpaced the S&P 500, which gained approximately 25 per cent during the same period. The value of Omega’s position decreased by $1.06 million compared to the prior quarter, a decline attributed to both the sale activity and broader market price movements.
Alumis is a biotechnology company developing clinical-stage therapies for autoimmune and neuroinflammatory diseases using allosteric TYK2 inhibitors. The firm recently reported late-stage psoriasis data for its lead candidate, envudeucitinib, which showed PASI 90 response rates above 60 per cent and PASI 100 responses topping 40 per cent by Week 24. Management confirmed that plans remain on track for an FDA submission in the fourth quarter, with potentially pivotal lupus data expected later this year.
Financially, the company ended the quarter with $569.5 million in cash and marketable securities, a balance that management stated should fund operations into late 2027. Despite this liquidity, Alumis reported a steep quarterly net loss of $93.1 million, driven by elevated research spending. The company’s pipeline also includes ESK-001 and A-005, targeting conditions such as plaque psoriasis and systemic lupus erythematosus.
Omega’s decision to trim its stake appears to be a move to manage exposure following the stock’s substantial run. The fund continues to hold Alumis as a meaningful position within its biotech-heavy portfolio, which also includes significant stakes in other healthcare names such as BCAX, NUVB, and BBOT. The sale highlights the tension between taking profits after a major rally and maintaining conviction in a company with upcoming regulatory catalysts.
