Why Is Allakos (ALLK) Stock Down 57% Today?

Allakos (NASDAQ:ALLK) stock is taking a beating on Tuesday after the clinical stage biopharmaceutical company revealed results from its latest study.The bad news here comes from the company’s Phase 2 and Phase 2b clinical trials of lirentelimab. These trials were evaluating the drug as a treatment for atopic dermatitis (ATLAS) and chronic spontaneous urticaria (MAVERICK).Unfortunately for investors in ALLK stock, neither of the clinical trials was a success. They both failed to meet their primary endpoints. ...