Mar. 13 at 1:15 PM
Stifel⬆️
$ORKA's PT to
$72 from
$47 and reitertaed at Buy.
$ABBV $JNJ -
$PTGX $UCBJY
Stifel said—ORKA now expects Ph2
psoriasis data from ORKA-001 in 2Q26 (from 2H26) -- enrollment completed December 2025. ORKA plans to share week-16 data while providing longer-term follow-up in 2H26 -- the prior guidance was to share both together.
Bottom line, this update significantly moves up the timing of ORKA's first clinical readout, and we expect to see shares react favorably towards increased proximity to the update.
In terms of bar for success, we think PASI100 rates in-line with Skyrizi (36-51%) would represent a win with potential for Q6M or yearly vs. Q3M dosing while we see prospective support for the exposure hypothesis from the KNOCKOUT study providing additional support for the upside hypothesis of Bimzelx-like responses (59%-68%). We see Base Case upside in the
$50-
$70 range; downside for inferior efficacy could see shares trade to
$10-20 with a refocus towards ORKA-002.
