Piper Sandler Reiterates Overweight Rating on Allakos Inc. (ALLK)

Piper Sandler analyst Yasmeen Rahimi reiterated an Overweight rating and $7.00 price target on Allakos Inc. (NASDAQ: ALLK).

The analyst commented, "Street has been eagerly waiting for any AK006 data to better understand this asset's potential. Accordingly, ALLK reported strong positive Ph1 IV SAD/MAD HV data showing strong safety/tolerability with a linear PK, long 21-day half-life (at 720 mg IV dose), and high receptor occupancy from HV skin biopsies (doses ≥20 mg achieved mean Siglec-6 receptor occupancy >90% at Day 29). Accordingly, this represents a competitive drug profile for AK006 and, in our view, proves to Street that the molecule is active, thus we believe AK006 is set up for success with IV CSU data by YE24. Specifically, the receptor occupancy data supports AK006's ability to reach skin tissue mast cells/distribute well, further instilling confidence in PoS. All told, we remain bullish on ALLK and believe today's news will trigger investors to own the stock, especially heading into the next two catalysts with HV SC data in 3Q24 and then CSU IV data by YE24."

For an analyst ratings summary and ratings history on Allakos Inc. click here. For more ratings news on Allakos Inc. click here.

Shares of Allakos Inc. closed at $1.18 yesterday.

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