Nov. 13 at 12:51 PM
Jefferies🏁
$ORKA Buy/
$45
$ABBV $JNJ $PTGX
$NVS LLY UCBJY
Jefferies in its initiation said:
We like two YTE modified, long-acting mAbs with de-risked IL23/ IL17 targets for favorable less frequent dosing, and pot'ly greater efficacy.
FIH PK of ORKA-001 (IL23) at EADV25 showed ~100-day half life, reaching bull case and supporting annual dosing.
ORKA-002 (IL17) FIH PK is ~YE25 targeting ~50-/75-day half life. We see meaningful upside pot'l from Ph2a '001 POC study in PsO with readout in 2H26, followed by '002 ~6mo later. We initiate at Buy, with PT
$45.
