Oruka Therapeutics price target raised to $151 from $78 at BTIG

BTIG raised the firm’s price target on Oruka Therapeutics (ORKA) to $151 from $78 and keeps a Buy rating on the shares. The firm notes that 16 weeks results from EVERLAST-A land well into its “blue sky” scenario in its data preview and set a new efficacy watermark for the IL-23 class in psoriasis. An update from the Phase 1 PK/PD trial results also confirms the potential for ORKA-001 to achieve once a year maintenance dosing, which BTIG believes would be a first for any mAb in any indication. The firm thinks ORKA-001 has high odds of becoming the preferred IL-23 inhibitor in psoriasis upon potential approval, as today’s results support high odds of best-in-class efficacy with potentially one fourth the injection burden vs. Skyrizi in maintenance.