Allakos Inc. (NASDAQ:ALLK – Get Rating) was the recipient of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 2,560,000 shares, a decline of 5.2% from the January 31st total of 2,700,000 shares. Currently, 5.5% of the company’s shares are sold short. Based on an average daily volume of 954,000 shares, the short-interest ratio is currently 2.7 days.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Logos Global Management LP purchased a new stake in shares of Allakos during the 3rd quarter worth $36,332,000. BVF Inc. IL purchased a new position in Allakos during the third quarter worth approximately $30,642,000. Vivo Capital LLC purchased a new position in Allakos during the third quarter worth approximately $25,215,000. NEA Management Company LLC lifted its position in shares of Allakos by 184.0% in the third quarter. NEA Management Company LLC now owns 6,148,704 shares of the company’s stock valued at $33,867,000 after acquiring an additional 3,984,000 shares in the last quarter. Finally, RTW Investments LP purchased a new position in shares of Allakos in the third quarter valued at approximately $10,058,000. 93.07% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
ALLK has been the subject of a number of recent research reports. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Allakos in a research note on Monday, February 27th. Morgan Stanley upped their price objective on shares of Allakos from $6.00 to $8.00 and gave the company an “equal weight” rating in a report on Friday, January 27th.
Allakos Stock Down 6.9 %
Allakos Company Profile
Allakos, Inc engages in the development of therapeutic antibodies. Its primary product is AK002, a monoclonal antibody used for the treatment of various eosinophil and mast cell related diseases such as eosinophilic gastritis, urticaria, severe allergic conjunctivitis, and indolent systemic mastocytosis.
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