Why Is Allakos Stock Plunging On Monday?

On Monday, Allakos Inc (NASDAQ: ALLK) revealed topline results from its phase 1 clinical trial of AK006 in chronic spontaneous urticaria (CSU), a skin disorder.“While AK006 was well tolerated, we are disappointed that the preclinical inhibitory effects observed did not translate to clinical benefit in patients with CSU. As a result, the company has decided to discontinue further clinical development of AK006,” said Chin Lee, Chief Medical Officer of Allakos.In the CSU cohort, 34 adult patients refractory to ...