H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating on Oruka Therapeutics today and set a price target of $45.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors surrounding Oruka Therapeutics’ promising developments. The recent FDA clearance for the Phase 2a trial of ORKA-001, a long-acting anti-IL-23p19 antibody for moderate-to-severe psoriasis, is a significant milestone. This trial, known as EVERLAST-A, is designed to assess the safety and efficacy of ORKA-001, with a primary endpoint of achieving completely clear skin by Week 16. The trial’s design, including a “no-dose” arm, aims to provide evidence for extended off-treatment remissions, which could be a game-changer in psoriasis treatment.
Additionally, Oruka’s second candidate, ORKA-002, is poised to create multiple value inflection points. As a novel monoclonal antibody targeting IL-17A and IL-17F, ORKA-002 has the potential to compete with existing market leaders like Bimzelx. The ongoing Phase 1 trial of ORKA-002 is expected to yield interim data soon, which could further bolster Oruka’s position in the market. These strategic advancements, coupled with the potential for significant market impact, underpin Kapoor’s optimistic Buy rating and the 12-month target price of $45.
In another report released on July 21, Stifel Nicolaus also reiterated a Buy rating on the stock with a $47.00 price target.