Jefferies initiated coverage of Oruka with a Buy rating and $40 price target. The firm sees “high probability of success” for two YTE modified “long-acting” enhanced antibodies for de-risked FDA approved IL23 and IL17 targets. Jefferies sees stock “upside of 50%-100%” in 2025-26 with Phase I PK and exposure data in H2/25 for IL23 and then IL17 in 2026.
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