Fly News Breaks for December 20, 2019
Dec 20, 2019 | 09:15 EDT
following press reports that Allakos is exploring a sale, he continues to view the company as a core midcap holding given data presented to date and the likelihood antolimab eventually becomes a blockbuster. Eosinophilic gastroenteritis alone could support over $2B in peak sales, and antolimab has the potential for broad applicability in a range of atopic conditions, Lugo tells investors in a research note. After receiving a number of ongoing questions on the shares, the analyst says that while Allakos management has always pursued aggressive clinical timelines, he has found them to be "highly credible." Lugo also addressed concerns on the use of steroids in the Phase II study of antolimab in eosinophilic gastritis. Competitors Fasenra and Dupixent, both of which initiated Phase II trials in EG/EGE in 2018, allow patients on a stable dose of steroids to enroll in the trial, he points out. Lugo keeps an Outperform rating on Allakos.
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