Short Interest in Allakos Inc. (NASDAQ:ALLK) Declines By 32.5%

Allakos Inc. (NASDAQ:ALLK) saw a significant drop in short interest in April. As of April 15th, there was short interest totalling 1,020,000 shares, a drop of 32.5% from the March 31st total of 1,510,000 shares. Based on an average daily volume of 2,670,000 shares, the days-to-cover ratio is currently 0.4 days. Approximately 1.4% of the company’s stock are short sold.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its stake in Allakos by 8.9% during the third quarter. Geode Capital Management LLC now owns 988,171 shares of the company’s stock valued at $646,000 after acquiring an additional 80,763 shares in the last quarter. Lynx1 Capital Management LP purchased a new stake in shares of Allakos in the 4th quarter valued at about $4,390,000. Alta Partners Management Company L.P. bought a new stake in shares of Allakos during the 4th quarter valued at about $3,081,000. ADAR1 Capital Management LLC purchased a new position in shares of Allakos during the fourth quarter worth about $75,000. Finally, FNY Investment Advisers LLC bought a new position in shares of Allakos in the first quarter worth approximately $39,000. 84.64% of the stock is owned by institutional investors.

Allakos Price Performance

NASDAQ ALLK opened at $0.33 on Wednesday. The business’s fifty day moving average is $0.28 and its 200-day moving average is $0.70. The stock has a market capitalization of $29.46 million, a price-to-earnings ratio of -0.16 and a beta of 0.62. Allakos has a one year low of $0.22 and a one year high of $1.56.

Wall Street Analysts Forecast Growth

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

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.