Oruka Therapeutics: Long-Acting IL-17 Platform Drives Upgraded Valuation and Buy Rating

Analyst Sam Slutsky from LifeSci Capital maintained a Buy rating on Oruka Therapeutics and increased the price target to $71.00 from $42.00.

Sam Slutsky has given his Buy rating due to a combination of factors tied to Oruka Therapeutics’ emerging clinical profile and pipeline strategy. Interim Phase 1 results for ORKA-002 in healthy volunteers demonstrated an exceptionally long half-life with pharmacokinetics comparable to an approved IL-17 inhibitor, alongside robust and durable inhibition of IL-17 signaling over the full 24-week observation period. The safety data were in line with the broader anti–IL-17 class, with no serious or severe treatment-emergent adverse events, reinforcing confidence in the program’s tolerability. Importantly, the pharmacokinetic and pharmacodynamic profile supports the potential for very infrequent maintenance dosing—every six months in psoriasis and every three months in hidradenitis suppurativa—which could translate into a meaningful competitive advantage and strong patient and physician uptake.

Sam Slutsky’s rating is based on the view that these data justify higher long-term expectations for ORKA-002 and, in turn, a higher valuation for Oruka. The upcoming Phase 2 ORCA-SURGE study in psoriasis, slated to start in the first half of 2026, is designed to rigorously assess efficacy across multiple doses with a stringent PASI 100 endpoint, while explicitly testing extended-interval maintenance dosing; topline results are anticipated in 2027. In parallel, Oruka plans to expand ORKA-002 into hidradenitis suppurativa and has already initiated dosing in the Phase 2b EVERLAST-B trial for its long-acting anti–IL-23p19 antibody ORKA-001, broadening the company’s late-stage dermatology portfolio. Incorporating these developments and timelines into his model, Slutsky raises his price target from $42 to $71 per share and concludes that the risk/reward profile supports a Buy recommendation on ORKA.

In another report released on January 6, UBS also initiated coverage with a Buy rating on the stock with a $50.00 price target.