LifeSci Capital analyst Sam Slutsky has maintained their bullish stance on ALLK stock, giving a Buy rating today.
Sam Slutsky’s Buy rating for Allakos is primarily influenced by several key factors.
These include the company’s upcoming data readouts from its ongoing Phase 2 studies for lirentelimab, a drug aimed at treating atopic dermatitis (AD) and chronic spontaneous urticaria (CSU). The results from these studies are expected to be released in late Q4 2023 or Q1 2024. Additionally, Allakos has also demonstrated promising results from a prior single-arm, open-label study with lirentelimab for both CSU and chronic inducible urticaria.
The investor focus is mainly on the CSU trial, with the AD study being considered more risky. Furthermore, Allakos has a robust financial standing, ending September 2023 with $193.9M in cash, cash equivalents, and investments. Lastly, the potential for AK006, a mast cell targeting mAb against Siglec-6, also adds to the positive outlook. These factors combined make Allakos a promising investment, hence the Buy rating from Sam Slutsky.
In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $10.00 price target.
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Allakos (ALLK) Company Description:
Allakos, Inc. engages in the development of therapeutic antibodies. Its primary product is AK002, a monoclonal antibody used for the treatment of various eosinophil and mast cell related diseases such as eosinophilic gastritis, urticaria, severe allergic conjunctivitis, and indolent systemic mastocytosis. The company was founded by Christopher Bebbington, Nenad Tomasevic, Bruce S. Bochner, and Robert Schleimer in 2012 and is headquartered in Redwood, CA.
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