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Wednesday, October 5, 2022

How Has The Allakos (ALLK) Stock Appreciated Nearly 20% In The Recent Session?

On the last check Monday, Allakos Inc. (NASDAQ: ALLK) had gained 19.87% in the current market at $5.49 after announcing the pricing of its share offering. About 16.72 million shares have been traded so far today, up from 1.51 million shares on a daily average.

ALLK has what to offer?

Allakos (ALLK) announced today that it has priced 29,882,000 shares of its common stock in an underwritten offering. The price per share for the offering is $5.02.


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  • The offering includes shares by BVF Partners L.P., Deep Track Capital, Logos Capital, Frazier Life Sciences, Alta Partners, TCGX, New Enterprise Associates (NEA), Braidwell LP, Vivo Capital, RTW Investments L.P., Commodore Capital, and Surveyor Capital (a Citadel Company), among others.
  • An estimated $150 million in gross proceeds will be received by the company before underwriting discounts and commissions are deducted.
  • ALLK shares will be sold by the company.
  • Allakos expects the offering to close no later than September 21, 2022, assuming all customary closing conditions are met.
  • A joint book-running manager team of Cowen and LifeSci Capital is managing the offering on behalf of Jefferies.

ALLK’s other efforts

A phase 2b clinical trial has begun at ALLK this week to assess subcutaneous lirentelimab for the treatment of chronic spontaneous urticaria (MAVERICK). It is expected that the trial will produce top-line results during the second half of 2023. Clinical trials with lirentelimab in chronic urticaria patients have shown positive results in a Phase 2a open-label clinical trial. Patients with omalizumab nave CSU and omalizumab refractory CSU are also included (link).

A total of three patients in the omalizumab nave cohort developed urticaria symptoms despite being treated with antihistamines (up to four times the labeled dose) and had never been treated with omalizumab before. The urticaria activity score (UAS7) for patients receiving lunitelimab for 6 doses improved by 75% with 92% of patients achieving a urticaria control test (UCT) score of 12 after receiving omalizumab.

In the trial, what has ALLK observed?

There was generally no difference in safety outcomes between the trial and clinical trials which previously reported on lirentelimab given intravenously. Mild to moderate infusion-related reactions were the most frequently reported adverse effects (such as flushing, feeling warm, headache, nausea, and dizziness), which mostly occurred during the first infusion. The Journal of Allergy and Clinical Immunology published the full results of ALLK’s trial.

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