Allakos downgraded to Market Perform from Outperform at LifeSci Capital

LifeSci Capital downgraded Allakos to Market Perform from Outperform after the company announced that its Phase 2 studies testing lirentelimab for atopic dermatitis and chronic spontaneous urticaria failed to meet their primary endpoints. The firm, which notes it had highlighted the bull and bear thesis on lirentelimab ahead of these data, says “it is clear that the bears won the debate on the lack of clinically relevant mast cell inhibition with lirentelimab.”