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Allakos Inc. (ALLK)

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Previous Close103.73
Open103.98
Bid98.43 x 800
Ask104.05 x 900
Day's Range102.88 - 105.72
52 Week Range41.61 - 139.99
Volume120,353
Avg. Volume224,611
Market Cap5.498B
Beta (5Y Monthly)1.00
PE Ratio (TTM)N/A
EPS (TTM)-2.74
Earnings DateFeb 23, 2021 - Mar 01, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est97.20
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  • Allakos Reports Third Quarter 2020 Financial Results and Provides Business Update
    GlobeNewswire

    Allakos Reports Third Quarter 2020 Financial Results and Provides Business Update

    REDWOOD CITY, Calif., Nov. 09, 2020 (GLOBE NEWSWIRE) -- Allakos Inc. (the “Company”) (Nasdaq: ALLK), a biotechnology company developing lirentelimab (AK002) for the treatment of eosinophil and mast cell-related diseases, today reported financial results for the third quarter ended September 30, 2020 and provided an update of its ongoing development activities. Business Updates * Announced positive results from our prospective prevalence study showing that 45% (181/405) of symptomatic patients biopsied with chronic unexplained gastrointestinal (GI) symptoms or functional gastrointestinal disorders (FGIDs) such as irritable bowel syndrome (IBS) and functional dyspepsia (FD) met the histologic criteria for eosinophilic gastritis (EG) and/or eosinophilic duodenitis (EoD). The results suggest that EG and/or EoD are significantly underdiagnosed among these patients. Since many people in the United States and worldwide suffer from chronic unexplained gastrointestinal symptoms or FGIDs, the results from this study suggest that EG and/or EoD may be more common than previously documented in the literature. * Announced positive safety, pharmacokinetic, and pharmacodynamic results from a randomized, double-blind, placebo-controlled Phase 1 study of subcutaneous lirentelimab in healthy volunteers. The results showed that subcutaneously administered lirentelimab had bioavailibity of 63% and suppressed eosinophils for up to 85 days. Subcutaneously administered lirentelimab was well tolerated with no serious adverse events, no injection site reactions, and no injection reactions/infusion-related reactions. * Announced the publication of the positive results from the Phase 2 study of lirentelimab in patients with EG and/or EoD (ENIGMA) in the New England Journal of Medicine. * Closed an underwritten public offering in November 2020, issuing 3,506,098 shares of common stock at an offering price of $82.00 per share. Aggregate net proceeds received from the offering were approximately $271.7 million, after deducting underwriting discounts and commissions. * The randomized, double-blind, placebo-controlled Phase 3 study of lirentelimab in patients with EG and/or EoD is ongoing with topline data expected in the second half of 2021. * The randomized, double-blind, placebo-controlled Phase 2/3 study of lirentelimab in patients with eosinophilic esophagitis (EoE) is ongoing with topline data expected in the second half of 2021.Third Quarter 2020 Financial ResultsResearch and development expenses were $30.4 million in the third quarter of 2020 as compared to $16.1 million in the same period in 2019, an increase of $14.3 million.General and administrative expenses were $12.1 million in the third quarter of 2020 as compared to $7.5 million in the same period in 2019, an increase of $4.6 million.Allakos reported a net loss of $42.1 million in the third quarter of 2020 as compared to $21.7 million in the same period in 2019, an increase of $20.4 million. Net loss per basic and diluted share was $0.86 for the third quarter of 2020 compared to $0.47 in the same period in 2019.Allakos ended the third quarter of 2020 with $419.8 million in cash, cash equivalents and marketable securities, which does not include the $271.7 million of net proceeds received from the Company’s follow-on public offering in November 2020.About AllakosAllakos is a clinical stage biotechnology company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Company’s lead antibody, lirentelimab (AK002), is being evaluated in a Phase 3 study in eosinophilic gastritis (EG) and/or eosinophilic duodenitis (EoD) and a Phase 2/3 study in eosinophilic esophagitis (EoE). Lirentelimab targets Siglec-8, an inhibitory receptor selectively expressed on human mast cells and eosinophils. Inappropriately activated eosinophils and mast cells have been identified as key drivers in a number of severe diseases affecting the gastrointestinal tract, eyes, skin, lungs and other organs. Lirentelimab has been tested in multiple clinical studies. In these studies, lirentelimab eliminated blood and tissue eosinophils, inhibited mast cells and improved disease symptoms in patients with EG and/or EoD, EoE, mast cell gastrointestinal disease, severe allergic conjunctivitis, chronic urticaria and indolent systemic mastocytosis. For more information, please visit the Company's website at www.allakos.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, Allakos’ progress and business plans, the expected timing of anticipated study results and plans relating to its future clinical trials. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: Allakos’ stages of clinical drug development; Allakos’ ability to timely complete clinical trials for, and if approved, commercialize lirentelimab (AK002), its lead compound; Allakos’ ability to obtain required regulatory approvals for its product candidates; uncertainties related to the enrollment of patients in its clinical trials; Allakos’ ability to demonstrate sufficient safety and efficacy of its product candidates in its clinical trials; uncertainties related to the success of later-stage clinical trials, regardless of the outcomes of preclinical testing and early-stage trials; market acceptance of Allakos’ product candidates; uncertainties related to the projections of the size of patient populations suffering from the diseases Allakos is targeting; Allakos’ ability to advance additional product candidates beyond lirentelimab; Allakos’ ability to obtain additional capital to finance its operations; and other important risk factors set forth in Allakos’ most recent Annual Report on Form 10-K filed with the SEC on February 25, 2020, Quarterly Report on Form 10-Q filed with the SEC on November 9, 2020 and future reports to be filed with the SEC. These documents contain and identify important factors that could cause the actual results for Allakos to differ materially from those contained in Allakos’ forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Allakos specifically disclaims any obligation to update any forward-looking statement, except as required by law. These forward-looking statements should not be relied upon as representing Allakos’ views as of any date subsequent to the date of this press release.Source: Allakos Inc.Investor Contact:Media Contact: Adam Tomasi, President and COODenise Powell ir@allakos.comdenise@redhousecomms.com ALLAKOS INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share data) (unaudited) Three Months Ended  Nine Months Ended   September 30,  September 30,   2020  2019  2020  2019  Operating expenses                Research and development$30,380  $16,067  $77,011  $45,276  General and administrative 12,055   7,517   35,701   19,292  Total operating expenses 42,435   23,584   112,712   64,568  Loss from operations (42,435)  (23,584)  (112,712)  (64,568) Interest income, net 766   1,887   4,039   3,888  Other expense, net (417)  (35)  (529)  (77) Net loss (42,086)  (21,732)  (109,202)  (60,757) Unrealized gain (loss) on marketable Securities (620)  (12)  30   117  Comprehensive loss$(42,706) $(21,744) $(109,172) $(60,640) Net loss per common share:                Basic and diluted$(0.86) $(0.47) $(2.24) $(1.38) Weighted-average number of common shares outstanding:                Basic and diluted 48,950   46,280   48,819   44,025  ALLAKOS INC. CONDENSED BALANCE SHEETS (in thousands)  September 30,  December 31,   2020  2019   (unaudited)      Assets        Current assets:        Cash and cash equivalents$104,303  $38,367  Investments in marketable securities 315,452   457,534  Prepaid expenses and other current assets 5,012   3,969  Total current assets 424,767   499,870  Property and equipment, net 7,340   8,410  Operating lease right-of-use assets 5,558   5,775  Other long-term assets 2,839   2,839  Total assets$440,504  $516,894  Liabilities and stockholders' equity        Current liabilities:        Accounts payable$7,581  $5,963  Accrued expenses and other current liabilities 11,359   7,098  Total current liabilities 18,940   13,061  Other long-term liabilities 7,752   8,112  Total liabilities 26,692   21,173  Stockholders' equity:        Common stock 49   48  Additional paid-in capital 712,282   685,020  Accumulated other comprehensive gain 167   137  Accumulated deficit (298,686)  (189,484) Total stockholders’ equity 413,812   495,721  Total liabilities and stockholders’ equity$440,504  $516,894

  • Allakos Announces Presentation from its Eosinophilic Gastrointestinal Diseases Program at the American College of Gastroenterology (ACG) 2020 Annual Scientific Meeting
    GlobeNewswire

    Allakos Announces Presentation from its Eosinophilic Gastrointestinal Diseases Program at the American College of Gastroenterology (ACG) 2020 Annual Scientific Meeting

    REDWOOD CITY, Calif., Nov. 02, 2020 (GLOBE NEWSWIRE) -- Allakos Inc. (NASDAQ: ALLK), a biotechnology company developing lirentelimab (AK002) for the treatment of eosinophil and mast cell-related diseases, announced a poster presentation at last week’s American College of Gastroenterology 2020 Virtual Annual Scientific Meeting. The presentation details were as follows:   Title:High Discovery Rate of Previously Undiagnosed Patients with Eosinophilic Gastritis and Duodenitis Using a Systematic Endoscopic Biopsy Protocol: Screening Data Analysis From ENIGMA, a Randomized Controlled Trial Presenter:Kathryn A. Peterson, MD, University of Utah School of Medicine The ePoster (P2797) is available on the ePoster Hall website. In addition, the poster abstract (S1330) appears in the supplement to the October 2020 issue of the American Journal of Gastroenterology.About Eosinophilic Gastritis, Eosinophilic Duodenitis, and Eosinophilic EsophagitisEosinophilic gastritis, eosinophilic duodenitis (previously referred to as eosinophilic gastroenteritis), and eosinophilic esophagitis are chronic, often severe, inflammatory diseases characterized by the presence of high levels of eosinophils in the stomach, duodenum, or esophagus, respectively. Common symptoms of the diseases include abdominal pain, nausea, diarrhea, bloating, cramping, early satiety, loss of appetite, vomiting, dysphagia, and weight loss. The current estimated prevalence of eosinophilic gastritis and eosinophilic duodenitis in the United States is approximately 50,000 people. The estimated prevalence of eosinophilic esophagitis in the United States is approximately 150,000 people. The Company believes that these diseases may be significantly under-diagnosed, or misdiagnosed, as other gastrointestinal diseases. There are no treatments approved specifically for these diseases. Treatment with systemic steroids can provide symptomatic improvement, but long-term treatment with steroids is generally not possible due to the numerous side effects. Allakos has received orphan drug designation for lirentelimab in eosinophilic gastritis, eosinophilic gastroenteritis, and eosinophilic esophagitis.About AllakosAllakos is a clinical stage biotechnology company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Company’s lead antibody, lirentelimab (AK002), is being evaluated in a Phase 3 study in eosinophilic gastritis (EG) and/or eosinophilic duodenitis (EoD) and a Phase 2/3 study in eosinophilic esophagitis (EoE). Lirentelimab targets Siglec-8, an inhibitory receptor selectively expressed on human mast cells and eosinophils. Inappropriately activated eosinophils and mast cells have been identified as key drivers in a number of severe diseases affecting the gastrointestinal tract, eyes, skin, lungs and other organs. Lirentelimab has been tested in multiple clinical studies. In these studies, lirentelimab eliminated blood and tissue eosinophils, inhibited mast cells and improved disease symptoms in patients with EG and/or EoD, EoE, mast cell gastrointestinal disease, severe allergic conjunctivitis, chronic urticaria and indolent systemic mastocytosis. For more information, please visit the Company's website at www.allakos.com.Source: Allakos Inc.  CONTACT: Investor Contact: Adam Tomasi, President and COO ir@allakos.com Media Contact: Denise Powell denise@redhousecomms.com

  • Allakos Announces Pricing of Public Offering of Common Stock
    GlobeNewswire

    Allakos Announces Pricing of Public Offering of Common Stock

    REDWOOD CITY, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- Allakos Inc. (the “Company”) (Nasdaq: ALLK), a biotechnology company developing AK002 for the treatment of eosinophil and mast cell related diseases, today announced the pricing of its previously announced underwritten public offering. The size of the offering is $250 million of shares of its common stock. The Company is offering 3,048,781 shares at a public offering price of $82.00 per share. The offering is expected to close on November 2, 2020, subject to the satisfaction of customary closing conditions. In connection with the offering, the Company has granted the underwriters a 30-day option to purchase up to 457,317 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions. Offering SummaryJefferies, BofA Securities and SVB Leerink are acting as joint book-running managers for the offering.LifeSci Capital LLC and William Blair are acting as the co-managers for the offering.The Company currently expects to use the net proceeds from the offering for general corporate purposes.An effective registration statement relating to the securities sold in this offering was filed with the Securities and Exchange Commission (“SEC”) on August 5, 2019. Copies of the registration statement, the preliminary prospectus supplement and the accompanying prospectus relating to the offering have been filed with the SEC, and a final prospectus supplement and accompanying prospectus will be filed with the SEC and will be accessible through the SEC’s website at www.sec.gov. The offering was made only by means of a prospectus supplement and the accompanying prospectus. When available, copies of the final prospectus supplement and accompanying prospectus may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 1-877-547-6340, or by email at Prospectus_Department@jefferies.com; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at dg.prospectus_requests@bofa.com; or SVB Leerink LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at 1-800-808-7525, ext. 6132, or by email at syndicate@svbleerink.com.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, the ability and timing for the closing of the public offering and the expected use of proceeds from the public offering. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the offering, and other risks and uncertainties related to the offering, the Company and its business as set forth in the Company’s registration statement on Form S-3 filed with the SEC on August 5, 2019 and the prospectus and prospectus supplement included or incorporated by reference therein, as well as the other documents the Company files from time to time with the SEC, including Allakos’ most recent Annual Report on Form 10-K filed with the SEC on February 25, 2020, and Quarterly Report on Form 10-Q filed with the SEC on August 10, 2020. These documents contain and identify important factors that could cause the actual results for Allakos to differ materially from those contained in Allakos’ forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Allakos specifically disclaims any obligation to update any forward-looking statement, except as required by law.Source: Allakos Inc. CONTACT: Investor Contact: Adam Tomasi, President and COO ir@allakos.com Media Contact: Denise Powell denise@redhousecomms.com