Allakos price target lowered to $3 from $10 at JMP Securities

JMP Securities analyst Jonathan Wolleben lowered the firm’s price target on Allakos to $3 from $10 and keeps an Outperform rating on the shares. Lirentelimab missed in its Phase 2 trials for chronic spontaneous urticaria and atopic dermatitis, with Allakos now concentrating efforts on its anti-siglec 6 antibody, AK006, which will have potentially derisking data throughout the year, the analyst tells investors in a research note.