Short-term stake in Allakos Inc. (NASDAQ:ALLK) drops 45.5%

Allakos Inc. (NASDAQ:ALLK – Get Rating) was the target of a sharp decline in short-term interest in June. As of June 30, there was short interest totaling 2,350,000 shares, down 45.5% from the June 15 total of 4,310,000 shares. Based on an average daily trading volume of 986,500 shares, the day-to-cover ratio is currently 2.4 days. Currently, 7.0% of the stock’s shares are sold short.

Analysts set new price targets

Separately, Cantor Fitzgerald reiterated an “overweight” rating on Allakos shares in a Monday, May 9 research report. One analyst rated the security with a sell rating, seven assigned a hold rating and two assigned a buy rating. According to MarketBeat, Allakos currently has an average rating of “Hold” and an average target price of $66.80.

Allakos price performance

NASDAQ ALLK opened at $3.61 on Friday. The stock’s 50-day simple moving average is $3.13 and its 200-day simple moving average is $5.08. Allakos has a one-year low of $2.54 and a one-year high of $11.73. The company has a market capitalization of $197.74 million, a PE ratio of -0.48 and a beta of 0.88.

Allakos (NASDAQ:ALLK – Get Rating) last released quarterly earnings data on Friday, May 6. The company reported ($3.60) EPS for the quarter, missing analyst consensus estimates of ($1.71) from ($1.89). As a group, stock analysts expect Allakos to post earnings per share of -5.74 for the current year.

Institutional investors weigh on Allakos

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A number of hedge funds have recently increased or reduced their holdings in the stock. Amalgamated Bank purchased a new stake in Allakos during Q1 worth approximately $33,000. The Swiss National Bank increased its holdings in Allakos by 8.1% during the first quarter. The Swiss National Bank now owns 77,100 shares in the company worth $439,000 after acquiring 5,800 more shares in the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Allakos during Q4 for approximately $73,000. SG Americas Securities LLC increased its stake in Allakos by 45.0% in the 1st quarter. SG Americas Securities LLC now owns 30,398 shares of the company worth $173,000 after acquiring 9,440 additional shares in the last quarter. Finally, Ensign Peak Advisors Inc increased its stake in Allakos by 163.6% during the 1st quarter. Ensign Peak Advisors Inc now owns 17,080 shares of the company worth $97,000 after acquiring an additional 10,600 shares in the last quarter. Institutional investors hold 61.07% of the company’s shares.

Allakos Company Profile

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Allakos Inc, a clinical-stage biopharmaceutical company, develops therapeutics that target immunomodulatory receptors present on immune effector cells in allergic, inflammatory and proliferative diseases. The company’s lead monoclonal antibody is lirentelimab (AK002), which is in a phase III study for the treatment of eosinophilic gastritis and/or eosinophilic duodenitis; a phase II/III study for eosinophilic esophagitis; and a phase II clinical study in atopic dermatitis and chronic spontaneous urticaria.

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