Allakos assumed with a Buy at Jefferies

Jefferies assumed coverage of Allakos with a Buy rating and a price target of $6, down from $9. The stock has rebounded in recent days, but is still down about 65% year-to-date due to a mix of competitor readthroughs and a “tough biotech tape,” notes the analyst, who thinks Allakos can “thread the needle” on efficacy and safety in CSU with two phase 2 readouts coming in lateQ4 to Q1 of 2024.