Shares of Allakos (ALLK) plunged 60.2% on Tuesday after management announced disappointing results from two mid-stage studies evaluating its lead pipeline drug lirentelimab (AK002) in two inflammatory conditions. Allakos reported top-line data from two studies — the phase II ATLAS study and phase IIb MAVERICK study — which evaluated lirentelimab in atopic dermatitis (AD) and chronic spontaneous urticaria (CSU) indications, respectively. Both studies failed to achieve their primary endpoints. Following the t ...