From $5 to $20: How Envudeucitinib's TYK2 Data Sparked ALMS' Two-Month Rally

The biotech sector just witnessed a textbook case of clinical momentum driving stock performance. Alumis (ALMS) shares have surged from $5.52 to $23 intraday within a 60-day window—a gain that didn't come out of nowhere. The catalyst? Late-stage trial data for Envudeucitinib, a next-generation oral TYK2 inhibitor candidate targeting moderate-to-severe plaque psoriasis.

**Why Plaque Psoriasis Matters For The Market**

Plaque psoriasis affects over 8 million U.S. adults, manifesting as painful, itchy, scaly patches on high-impact areas like the scalp, face, hands, and feet. The underlying pathology involves dysregulated IL-23 and IL-17 immune pathways—a mechanism that multiple drug classes can theoretically address, including TNF-α inhibitors, IL-12/23 blockers, PDE-4 inhibitors, and others.

Within this fragmented treatment landscape, however, the TYK2 inhibitor segment remains surprisingly crowded at the top yet wide open at the core. Currently, only one FDA-approved TYK2 option dominates the category, having ramped from $170 million in 2023 sales to $246 million in 2024, with approximately $206 million generated in the first nine months of 2025.

**Envudeucitinib's Competitive Positioning**

Alumis' Envudeucitinib enters this space as a highly selective oral TYK2 inhibitor designed to restore immune homeostasis by targeting proinflammatory mediators at their source. The company's Phase 3 ONWARD program—comprising two 24-week global trials (ONWARD1 and ONWARD2) plus a long-term extension study (ONWARD3)—recently delivered the numbers that sparked the market's attention.

Approximately 65% of patients achieved PASI 90 skin clearance at Week 24 across both trials on average, while more than 40% reached PASI 100 (complete skin clearance). These efficacy metrics position Envudeucitinib among the next-generation oral therapies in its class.

**Timeline and Catalysts Ahead**

Detailed trial results are slated for presentation at upcoming medical conferences, with a New Drug Application submission to the FDA targeted for the second half of 2025. The ONWARD3 extension trial is concurrently enrolling patients from the Phase 3 studies to assess long-term durability and safety.

Beyond dermatology, Envudeucitinib is also progressing through Phase 2b trials in systemic lupus erythematosus, with topline readouts anticipated in Q3 2026—a potential value inflection point if positive.

**The Bottom Line**

Alumis' four-fold run-up from $5 to $20 in two months reflects the market's recognition of a late-stage biotech candidate with differentiated clinical data entering a therapeutically validated yet competitively limited category. Whether the momentum sustains depends on maintaining trial efficacy through NDA submission and FDA approval timelines—typical milestones that can swing biotech valuations significantly in either direction.