Oruka Therapeutics price target raised to $85 from $45 at Wedbush

Wedbush raised the firm’s price target on Oruka Therapeutics (ORKA) to $85 from $45 and keeps an Outperform rating on the shares. The firm reviewed anticipated benchmarks and stock setup for upcoming induction data from the Phase 2a EVERLAST-A trial of ORKA-001 for psoriasis. Wedbush speculates a data readout is likely in May, and models a valuation of $4.77B for ORKA-001 in a base case scenario with PASI-100 rates of 35%-40%, consistent with other IL-23 mAbs in psoriasis. Further, the firm anticipates tiered upside scenarios with PASI-100 efficacy thresholds of 40%-50%, 50%-60%, and over 60% yielding respective valuations of $5.56B, $6.35B, and $14.2B based on expected market share increases and progressively accelerated trial timelines. Oruka remains one of Wedbush’s top picks for 2026 and the firm sees room for sustained growth even from current levels.