Oruka Therapeutics initiated with an Outperform at Leerink

Leerink initiated coverage of Oruka Therapeutics with an Outperform rating and $44 price target. The firm’s investment thesis is that shares will outperform as the company advances potential mega-blockbuster pipeline candidates, which target the $40B psoriasis and related disorder market opportunity. Oruka’s two key pipeline candidates leverage validated mechanisms — IL-23p19 and IL-17A/F — and offer potential best in class efficacy and dosing, Leerink adds.