ALLK - Why Allakos Stock Was Heating Up Today
2023-03-07 16:05:58 ET
Shares of the clinical-stage biopharma Allakos (NASDAQ: ALLK) defied the turbulence in the broader markets today. Specifically, the drugmaker's shares were up by a healthy 21% on heavy volume at Tuesday's close.
The big gain came in response to the company's 2022 fourth-quarter and full-year financial results, released ahead of Tuesday's opening bell. Although Allakos reported a net loss of $43 million in the fourth quarter of 2022, investors were more concerned with the progress of the company's clinical pipeline.
More specifically, Allakos reaffirmed today that it expects to report trial results from a pair of ongoing mid-stage studies for its lead compound, lirentelimab, in the second half of 2023. The monoclonal antibody is presently in a phase 2 trial as a treatment for atopic dermatitis and a phase 2b trial for chronic spontaneous urticaria (hives).
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Why Allakos Stock Was Heating Up Today