Allakos crashes after mixed data from lead drug trial

Allakos

22/12/2021 12:35

** Drug developer's shares  ALLK.O  slump 86.7% to $11.25
premarket
    ** Co says its lead drug AK002 failed to meet the main goals
of two trials measuring symptoms of patients with types of
gastrointestinal diseases, while meeting two separate goals of
the studies  urn:newsml:reuters.com:*:nGNX2VnzKy
    ** The drug was being tested in eosinophilic gastritis and
eosinophilic duodenitis patients, which are chronic diseases
that can cause abdominal pain, nausea and loss of appetite
    ** The drug met the goals that were measuring the amount of
eosinophils in white blood cells
    ** "We believe that the miss on symptom improvement will
make any potential path forward in EG/EoD/EoE very challenging"
- SVB Leerink 
    ** Up to Tuesday's close, stock had fallen nearly 40% YTD 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manasmishra24))