Preclinical Biotech Stocks Surge 650% in a Year... Market Cap Increased by 550 Billion Won Today

Oruka Therapeutics Inc. (NASDAQ: ORKA) surged 10.79% on the Nasdaq on April 14, closing at $68 per share. Trading volume exceeded 1.27 million shares, and its market capitalization rose by roughly $407 million in one day to about $3.37 billion (approximately ₩4.5 trillion).

On the same day, Investing.com reported that Oruka’s stock hit an intraday high of $65, marking a 52-week peak and delivering a one-year return of over 650%. BTIG raised its price target to $78, while Guggenheim and Leerink maintained strong buy ratings and boosted their targets to as high as $125. This mix of bullish analyst forecasts and concerns about a short-term overheated market has fueled debate and expectations of a further rally.

Oruka Therapeutics is a Phase 2 biotech company developing next-generation biologics designed for once- or twice-yearly dosing. Its pipeline includes ORKA-001, a long-acting IL-23p19 antibody, and ORKA-002, an IL-17A/F-targeting antibody, both aimed at treating chronic skin conditions such as plaque psoriasis. Following its merger with ARCA Biopharma last year, the company became publicly listed on the Nasdaq and, as of year-end 2025, holds approximately $480 million (around ₩640 billion) in cash and cash equivalents, securing clinical development funding for the coming years.