ALLK - Allakos slumps 87% draws analysts downgrade on 'disappointing' lirentelimab data

Allakos (NASDAQ:ALLK) continues to slide, falls 87.4% premarket following yesterday's announcement that its late-stage studies, KRYPTOS and ENIGMA 2 failed to achieve statistical significance. The studies met their histologic co-primary endpoints but failed to achieve symptomatic endpoints. In ENIGMA, patients treated with lirentelimab achieved a 10.0-point reduction in Total Symptom Score-6 (TSS-6) at weeks 23-24 from baseline (baseline = 29.5) compared to an 11.5-point reduction in the placebo group (baseline = 27.7; p=0.343). On the second co-primary endpoint of absolute mean change in patient reported Dysphagia Symptom Questionnaire in KRYPTOS trial, the high-dose group achieved a 17.4-point reduction, the low-dose group achieved an 11.9-point reduction and placebo achieved a 14.6-point reduction. Following this disappointing result, several analysts lowered their ratings of the stock and slashed the price targets. William Blair downgraded the stock to Market Perform from Outperform. Analysts of the firm say, "while we believe lirentelimab has shown clear evidence of

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Allakos slumps 87%, draws analysts downgrade on 'disappointing' lirentelimab data