Clear Street says AbbVie move further validates Oruka Therapeutics’ strategy

Clear Street analyst Kaveri Pohlman believes AbbVie’s (ABBV) plan to bring an extended half-life anti-IL-23 mAb into the clinic this year further validates Oruka Therapeutics’ (ORKA) strategy. Together with Rapt Therapeutics’ (RAPT) recent $2.2B takeout by GSK (GSK) for a half-life-extended Xolair analog, these moves reinforce the view that convenience-oriented drugs are becoming preferred development bets in I&I-and potentially even in oncology, Clear Street argues. The firm further states that Oruka’s IL-23 lead and ORKA-002 rights provide structural edge, making competition less of a concern, Clear Street reiterates a Buy rating on Oruka with a price target of $71.