Oruka Therapeutics initiated with an Outperform at Wolfe Research

Wolfe Research analyst Andy Chen initiated coverage of Oruka Therapeutics (ORKA) with an Outperform rating and $20 price target. Investors are waiting for Oruka to show good half-life data before the stock is rewarded, as evidenced by the company not participating in the upside with Spyre Therapeutics (SYRE) and Apogee (APGE) prior to Spyre’s HV data, but this does not disqualify Oruka as an eventual M&A candidate because pharma will pay for convenience in crowded indications, the analyst tells investors in a research note.