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Allakos ( (ALLK) ) has issued an update.
On January 27, 2025, Allakos announced its decision to discontinue development of AK006 after phase 1 clinical trials showed no therapeutic activity in patients with chronic spontaneous urticaria. As part of a corporate restructuring, the company plans to discontinue all AK006-related activities and reduce its workforce by approximately 75%, incurring estimated costs of $34 million to $38 million. This significant restructuring reflects a shift in the company’s strategy, which also involves exploring strategic alternatives and maintaining financial flexibility.
More about Allakos
Allakos is a clinical stage biotechnology company focused on developing therapeutics targeting immunomodulatory receptors on immune effector cells involved in allergy, inflammatory, and proliferative diseases.
YTD Price Performance: -2.42%
Average Trading Volume: 622,740
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $108.1M
For a thorough assessment of ALLK stock, go to TipRanks’ Stock Analysis page.
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