Oruka falls after reporting mid-stage data for psoriasis drug

** Shares of drug developer Oruka Therapeutics (ORKA.O) fell 3.8% to $91 in premarket trading.

** The company said its experimental drug ORKA-001 showed continued improvement in skin clearance in a mid-stage trial in patients with moderate-to-severe plaque psoriasis, a chronic disease that causes raised, scaly skin patches.

** About 71% of patients achieved completely clear skin at week 28, up from about 64% at week 16, while about 87% saw at least a 90% reduction in disease severity.

** Stifel said there may be "some disappointment" that the data were not presented at the EADV medical meeting, though it believed the results support the drug's effectiveness and potential for less frequent dosing.

** The brokerage said the complete-clearance rate exceeded the roughly 50% to 55% seen at the same stage in studies of AbbVie's (ABBV.N) Skyrizi.

** Oruka expects full 52-week results in December and data from a separate mid-stage trial in Q4 2026.

** As of the last close, Oruka was up 211.9% year to date.