Allakos (NASDAQ:ALLK) Trading Down 7%

Allakos Inc. (NASDAQ:ALLK - Get Free Report)'s share price dropped 7% during trading on Friday . The stock traded as low as $1.17 and last traded at $1.20. Approximately 534,549 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 1,154,236 shares. The stock had previously closed at $1.29.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Jefferies Financial Group cut Allakos from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $6.00 to $1.50 in a report on Wednesday, January 17th. JMP Securities decreased their price objective on Allakos from $10.00 to $3.00 and set a "market outperform" rating on the stock in a research report on Wednesday, January 17th. Cantor Fitzgerald cut Allakos from an "overweight" rating to a "neutral" rating in a report on Tuesday, January 16th. Finally, Barclays decreased their price target on Allakos from $1.50 to $1.00 and set an "underweight" rating on the stock in a report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $1.83.

Allakos Stock Down 7.0 %

The company has a market cap of $106.25 million, a PE ratio of -0.56 and a beta of 0.86. The firm has a 50 day simple moving average of $1.21 and a 200-day simple moving average of $1.73.

Allakos (NASDAQ:ALLK - Get Free Report) last released its quarterly earnings results on Thursday, March 14th. The company reported ($0.71) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.18). As a group, equities analysts anticipate that Allakos Inc. will post -1.16 EPS for the current year.

Hedge Funds Weigh In On Allakos

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in shares of Allakos in the 3rd quarter valued at about $95,000. Aristides Capital LLC acquired a new stake in Allakos in the 4th quarter valued at $153,000. BNP Paribas Financial Markets raised its position in Allakos by 1,041.1% during the first quarter. BNP Paribas Financial Markets now owns 205,663 shares of the company's stock worth $259,000 after acquiring an additional 187,640 shares during the period. abrdn plc purchased a new position in Allakos during the third quarter valued at $298,000. Finally, TD Asset Management Inc lifted its holdings in Allakos by 36.1% during the third quarter. TD Asset Management Inc now owns 163,204 shares of the company's stock valued at $370,000 after purchasing an additional 43,304 shares in the last quarter. Hedge funds and other institutional investors own 84.64% of the company's stock.

About Allakos

Allakos Inc, a clinical stage biotechnology company, develops therapeutics that target immunomodulatory receptors present on immune effector cells in allergy, inflammatory, and proliferative diseases in the United States. The company's lead product candidate is AK006, which in a Phase I clinical trial for the treatment of chronic spontaneous urticaria (CSU) and other indications.

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