Oruka Therapeutics Shares Jump on Psoriasis Drug Results

The company reports positive Phase 2b data for its plaque psoriasis treatment ORKA-001.

Updated on Oct. 26, 2026 in Biotech

Isometric editorial illustration of a glass medical vial, representing pharmaceutical research and clinical trial outcomes. — Oruka Therapeutics reported that 61 percent of participants in a Phase 2b trial for ORKA-001 achieved complete skin clearance, driving share prices up. AI Illustration. Upload story photo >

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Oruka Therapeutics announced that 61 percent of patients in a Phase 2b trial for the drug ORKA-001 achieved complete skin clearance. Following the news, shares of Oruka rose by more than 13 percent.

Why it matters

These results provide Oruka with the clinical data needed to engage with regulatory agencies as it works toward launching Phase 3 trials. The treatment represents a potential major entrant in the competitive psoriasis market.

The Everlast-B trial found that 86 percent of patients receiving a 600 mg dose of ORKA-001 achieved PASI 90 after 16 weeks, compared to 61 percent achieving full clearance. Treatment-emergent adverse events were reported in 39 percent of high-dose recipients.

The players

Oruka Therapeutics

A biotechnology company focused on developing novel treatments for inflammatory skin conditions.

Guggenheim

A global financial services firm that currently maintains a Buy rating on Oruka stock.

The details

The Everlast-B study enrolled 187 participants with moderate-to-severe plaque psoriasis who were treated with either 600 mg doses of ORKA-001 or a placebo. Oruka reported that the incidence of treatment-emergent adverse events in the high-dose group was 39 percent, slightly lower than the 43 percent observed in the placebo group.

June 30, 2026: Oruka reported a cash and marketable securities balance of $1.1 billion.
October 26, 2026: Company shares rose more than 13 percent following the release of trial data.
December 2026: The company expects to release longer-term results from the trial.
First half of 2027: Oruka plans to initiate Phase 3 trials for the treatment.

The Big Picture

This story is based on findings from the Everlast-B trial. The study marks the successful conclusion of the Everlast-B trial's primary endpoint, setting the stage for subsequent late-stage testing.

Patients with moderate-to-severe plaque psoriasis may eventually see ORKA-001 as a new treatment option pending successful Phase 3 outcomes and regulatory approval. The current data indicates a high rate of efficacy with an adverse event profile comparable to placebo groups.

The takeaway

The positive trial results provide a significant milestone for the drug's path to market with a projected peak of $7 billion in global sales. Investors and patients should monitor upcoming long-term data releases to assess the sustainability of these initial therapeutic benefits.

What happens next

Oruka Therapeutics is expected to release longer-term trial results in December 2026, followed by the planned initiation of Phase 3 clinical trials in the first half of 2027.