Allakos Inc. (NASDAQ:ALLK) Sees Large Drop in Short Interest

Allakos Inc. (NASDAQ:ALLK) was the recipient of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 1,940,000 shares, a decrease of 18.8% from the February 13th total of 2,390,000 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily volume of 2,190,000 shares, the short-interest ratio is currently 0.9 days.

Analyst Ratings Changes

ALLK has been the subject of a number of recent analyst reports. Citizens Jmp cut shares of Allakos from a “strong-buy” rating to a “hold” rating in a report on Monday, January 27th. Piper Sandler cut shares of Allakos from a “strong-buy” rating to a “hold” rating in a report on Monday, January 27th. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, Allakos has an average rating of “Hold” and an average target price of $2.00.

Institutional Investors Weigh In On Allakos

A number of institutional investors have recently added to or reduced their stakes in ALLK. Lynx1 Capital Management LP acquired a new stake in Allakos during the fourth quarter worth about $4,390,000. Alta Partners Management Company L.P. acquired a new stake in Allakos during the fourth quarter worth about $3,081,000. Point72 Asset Management L.P. grew its position in Allakos by 105.4% during the fourth quarter. Point72 Asset Management L.P. now owns 3,594,576 shares of the company’s stock worth $4,349,000 after buying an additional 1,844,576 shares in the last quarter. RA Capital Management L.P. acquired a new stake in Allakos during the fourth quarter worth about $1,367,000. Finally, Deep Track Capital LP grew its position in Allakos by 14.1% during the fourth quarter. Deep Track Capital LP now owns 5,704,282 shares of the company’s stock worth $6,902,000 after buying an additional 704,282 shares in the last quarter. 84.64% of the stock is owned by institutional investors and hedge funds.

Allakos Price Performance

ALLK stock opened at $0.25 on Tuesday. Allakos has a 52-week low of $0.23 and a 52-week high of $1.56. The company has a 50-day moving average of $0.47 and a two-hundred day moving average of $0.78. The stock has a market capitalization of $22.68 million, a price-to-earnings ratio of -0.13 and a beta of 0.72.

About Allakos

Allakos Inc, a clinical stage biotechnology company, develops therapeutics that target immunomodulatory receptors present on immune effector cells in allergy, inflammatory, and proliferative diseases in the United States. The company’s lead product candidate is AK006, which in a Phase I clinical trial for the treatment of chronic spontaneous urticaria (CSU) and other indications.