Oruka Therapeutics (ORKA) stock surged on Monday after the biotechnology company announced positive data from an ongoing Phase 2 clinical trial. This data came from the company’s EVERLAST-A Phase 2a trial of ORKA-001, which is a novel half-life extended IL-23p19 monoclonal antibody being tested as a treatment for moderate-to-severe plaque psoriasis. This is a chronic autoimmune condition caused by rapid skin cell turnover that typically affects the knees, elbows, scalp, and torso.
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Oruka Therapeutics noted that 40 of 63 participants treated with ORKA-001 achieved the primary endpoint of PASI 100 after 16 weeks, which represented complete skin clearance. The clinical trial also met several of its secondary endpoints after 16 weeks. The treatment was also well tolerated.
Joana Goncalves, Chief Medical Officer at Oruka Therapeutics, said, “These data reached the top end of what we could have expected from ORKA-001 across efficacy, tolerability, and potential for long-lasting response. We’re thrilled with the profile that is emerging for this program and are excited to see how the data mature with longer-term follow-up. I want to thank the Oruka team, the EVERLAST-A investigators, and the trial participants for getting this study off to a tremendous start.”
Oruka Therapeutics Stock Movement Today
Oruka Therapeutics stock was up 32.12% in premarket trading on Monday, following a 1.9% rally on Friday. The stock has also gained 127.75% year-to-date and 571.5% over the past 12 months.
With today’s news came heavy trading of ORKA stock, as more than 1.3 million shares changed hands, compared to a three-month average daily trading volume of about 530,000 shares.
Is Oruka Therapeutics Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Oruka Therapeutics is Strong Buy, based on 12 Buy ratings over the past three months. With that comes an average ORKA stock price target of $85.18, representing a potential 23.4% upside for the shares.
