ALLK is up 23% on $150 Million Underwriting of Common Stock

Allakos Inc (ALLK) is trading 23% higher at $5.645 today. While it's a mildly glum day for the Health Care sector in general, the stock is outpacing it's peers.

A few reasons why the stock is moving:

1. Allakos Announces Pricing of $150 Million Underwritten Offering of Common Stock

2. Allakos Announces Initiation of Phase 2b Clinical Trial of Subcutaneous Lirentelimab in Chronic Spontaneous Urticaria (CSU)

3. Traders Buy High Volume of Allakos Call Options (NASDAQ:ALLK)

Allakos Inc has been trading between a 52-week high of $112.87 and a 52-week low of $2.54. The stock has a market cap of $310 Million.

Allakos is a clinical stage biotechnology company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Company's lead antibody, lirentelimab (AK002), is being evaluated in a Phase 3 study in eosinophilic gastritis (EG) and/or eosinophilic duodenitis (EoD) and a Phase 2/3 study in eosinophilic esophagitis (EoE). Lirentelimab targets Siglec-8, an inhibitory receptor selectively expressed on human mast cells and eosinophils.