📉 Top Stocks Down Today: ALMS Craters on Lupus Trial Miss + More Losers

Some days the market dips a little. Other days a single biotech gets cut in half before lunch.

Tuesday, September 1, 2026, is one of those “read the headline before you buy the dip” sessions. Here’s a clear Top 10-style look at what’s falling — and why — based on live loser screens and company news.

The big story: Alumis (ALMS)

Alumis Inc. (NASDAQ: ALMS) was the market’s loudest loser.

• Move: roughly −55% to −57%
• Price cited on loser screens: about $9.35
• Volume: heavy — tens of millions of shares

What happened: Alumis reported topline results from its Phase 2b LUMUS trial of oral TYK2 inhibitor envudeucitinib in systemic lupus erythematosus (SLE). The study did not meet its primary BICLA endpoint or key secondary endpoints in the overall patient population (408 patients).

The company still pointed to stronger signals in a prespecified IFNGS-high (high interferon gene signature) subgroup and said it plans to talk with regulators about a Phase 3 path focused on that group. It’s also still aiming to file for psoriasis approval later in 2026.

Beginner translation: When a mid-stage trial misses the main goal, valuation built on hope can unwind fast — even if management sees a subgroup path forward. Biotech = binary risk.

California utilities: still reeling from wildfire bill shock

These weren’t necessarily the #1 screen losers Tuesday, but they were among the most important “stocks down in value” stories of the week:

1. Edison International (EIX) — plunged about 23% Monday to around $54.22, described as its worst single-day drop in 25+ years
2. PG&E Corp. (PCG) — sank about 18–20% Monday to the mid-teens (around $13.57 midday Monday in reports)

Why: California lawmakers advanced a wildfire bill that omitted the liability-cap protections investors had been counting on. Roughly $20 billion in combined market value was wiped in the selloff, according to coverage.

Beginner translation: Utility stocks can look “boring and safe” — until regulation changes overnight.

Top losers screen snapshot (Sep 1, 2026)

From public market-mover data (stockanalysis.com losers list, updated Sept. 1):

1. ALMS — Alumis Inc. — −57.13% — ~$9.35
2. PMI — Picard Medical, Inc. — −48.58% — ~$4.35
3. HKPD — Cellyan Biotechnology — −39.06% — ~$0.20
4. MF — MindForge Inc. — −26.23% — ~$16.00
5. BTAI — BioXcel Therapeutics — −25.43% — ~$0.12
6. VWAV — VisionWave Holdings — −24.25% — ~$0.63
7. CANG — Cango Inc. — −22.59% — ~$1.85
8. AEHL — Antelope Enterprise — −21.26% — ~$5.11
9. KALA — KALA BIO — −20.84% — ~$0.53
10. DUO — Fangdd Network — −20.17% — ~$0.61

Notice the pattern? Lots of small/micro-cap biotech and speculative names. Those can move 20–50% on thin liquidity and news — or even without much news.

Broader market context (why everything feels heavy)

It wasn’t only one-off disasters:

• Oil above $90 (Brent) on Middle East tensions
• 10-year Treasury yield near 4.78%
• Higher odds of a September Fed hike
• Soft session for indexes after Monday’s Dow drop of 374 points

Growth and software names also cooled (PANW and DELL were cited lower ahead of tonight’s earnings; CRWD was soft despite a partner milestone).

5 beginner rules when stocks are “down a lot”

1. Read the catalyst before you assume “cheap.”
2. Micro-caps can keep falling — a −40% day isn’t a floor.
3. Regulatory and trial news can change a thesis overnight.
4. Don’t average down blindly into biotech misses.
5. Position size like you might be wrong — because sometimes you will be.

That’s the down-side scoreboard for today. Tough tape for speculative names, and a reminder that headlines still move prices faster than opinions.

Hang in there, stay selective, and we’ll keep tracking the movers.

Not investment advice. Stock prices and percentages change throughout the session. This content is for educational purposes only. Investing involves risk of loss.