ALLK - Why Shares of Allakos Are Up Wednesday
2023-09-27 12:10:16 ET
Shares of clinical-stage biotech company Allakos (NASDAQ: ALLK) were up more than 15% as of 11:40 a.m. on Wednesday. The stock got a boost when an analyst initiated coverage. Despite the rise, Allakos' stock is still down more than 70% so far this year.
Allakos focuses on monoclonal antibodies to trigger responses in the body's immune cells to treat various conditions, including allergies, and inflammatory and proliferative diseases. The company, on Wednesday, got a buy rating with a price target of $11 from analyst Jonathan Wolleben of JMP Securities. Another factor in the stock's rise is investors have jumped in on a potential bargain after the stock fell to a 52-week low of $2.02 on Sept. 21.
The company has two lead therapies, lirentelimab and AK006. Lirentelimab is in a phase 2b study as a subcutaneous treatment for chronic spontaneous urticaria, a complex, chronic inflammatory skin disease. Lirentelimab is also in a phase 2a trial to treat atopic dermatitis. Results from both trials are expected by the end of the year.
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Why Shares of Allakos Are Up Wednesday