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

Allakos Inc. (NASDAQ:ALLK) was the target of a large decline in short interest in March. As of March 15th, there was short interest totalling 1,670,000 shares, a decline of 13.9% from the February 28th total of 1,940,000 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average trading volume of 2,260,000 shares, the short-interest ratio is currently 0.7 days.

Allakos Stock Performance

Shares of ALLK opened at $0.22 on Wednesday. The firm has a market cap of $19.57 million, a P/E ratio of -0.11 and a beta of 0.72. Allakos has a 52 week low of $0.22 and a 52 week high of $1.56. The firm’s 50-day simple moving average is $0.31 and its 200 day simple moving average is $0.75.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Piper Sandler cut shares of Allakos from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 27th. Citizens Jmp lowered shares of Allakos from a “strong-buy” rating to a “hold” rating in a report on Monday, January 27th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, Allakos has a consensus rating of “Hold” and an average price target of $2.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ALLK. FMR LLC boosted its position in Allakos by 14.6% during the 3rd quarter. FMR LLC now owns 5,370,247 shares of the company’s stock worth $3,508,000 after buying an additional 685,623 shares during the period. Point72 Asset Management L.P. bought a new position in Allakos in the third quarter worth approximately $1,143,000. RBF Capital LLC grew its position in Allakos by 45.9% in the 3rd quarter. RBF Capital LLC now owns 510,529 shares of the company’s stock valued at $333,000 after purchasing an additional 160,529 shares during the period. Geode Capital Management LLC increased its position in shares of Allakos by 8.9% during the third quarter. Geode Capital Management LLC now owns 988,171 shares of the company’s stock worth $646,000 after acquiring an additional 80,763 shares in the last quarter. Finally, Alta Partners Management Company L.P. purchased a new stake in shares of Allakos in the fourth quarter worth approximately $3,081,000. Institutional investors and hedge funds own 84.64% of the company’s stock.

Allakos Company Profile

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.