The National Psoriasis Foundation recognizes August as Psoriasis Awareness Month, an annual initiative aimed at raising awareness, educating the public and supporting efforts to improve the lives of people affected by psoriasis and psoriatic arthritis. The focus is particularly relevant given the scale of the disease. More than eight million people in the United States live with psoriasis and nearly one-third of them may develop psoriatic arthritis.
The opportunity for innovative psoriasis therapies extends beyond simply treating symptoms. The market is increasingly shifting toward targeted drugs, including biologics and newer oral therapies that act on specific immune pathways. This leaves room for treatments that can offer strong efficacy with greater convenience, fewer injections and longer-lasting disease control. As a result, IL-23, IL-17 and TYK2 have emerged as key areas of innovation in psoriasis treatment.
Against this backdrop, Protagonist Therapeutics PTGX, Alumis ALMS,Oruka Therapeutics ORKA and Vanda Pharmaceuticals VNDA stand out as four companies with exposure to the evolving psoriasis treatment landscape. The four companies are at different stages of developing psoriasis treatments, from an FDA-approved oral drug to late-stage and earlier-stage candidates. This gives each company different potential growth drivers, including drug launches, clinical results and regulatory decisions, making them worth watching as the psoriasis market evolves.
Protagonist Therapeutics
The FDA approved Protagonist Therapeutics’s Icotyde in March 2026 for adults and pediatric patients aged 12 and older who weigh at least 40 kg and are candidates for systemic therapy or phototherapy. It is the first FDA-approved targeted oral peptide for moderate-to-severe plaque psoriasis (PsO). Icotyde (icotrokinra) is the most commercially advanced psoriasis asset among the four companies. The targeted oral peptide selectively blocks the IL-23 receptor, offering a differentiated approach from the injectable biologics that dominate moderate-to-severe psoriasis treatment.
Year to date, PTGX shares have rallied 71.8% compared with the industry’s 5.3% growth.
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Since Janssen, a wholly-owned subsidiary of Johnson & Johnson, controls commercialization, Protagonist Therapeutics does not report Icotyde product sales itself. Instead, its economics are tied to milestones and royalties. The U.S. approval generated a $50 million milestone in the first quarter, while PTGX is eligible for tiered royalties of 6-10% on global net sales. Icotyde is also being developed for psoriatic arthritis, ulcerative colitis and Crohn's disease across separate late-stage studies, expanding the potential beyond psoriasis.
Protagonist Therapeutics' wholly-owned PN-881, an oral IL-17 antagonist currently in phase I development, adds another potential dermatology opportunity. The company plans to initiate a phase II psoriasis study of the candidate by the end of 2026, with potential expansion into psoriatic arthritis, hidradenitis suppurativa and spondyloarthritis based on the psoriasis results. PTGX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Alumis
Alumis’ Envudeucitinib (envu, formerly ESK-001) is a next-generation oral allosteric TYK2 inhibitor being developed primarily for moderate-to-severe PsO. Its potential differentiation lies in combining targeted TYK2 inhibition with oral administration, addressing a market where biologics remain important but convenient oral options are increasingly relevant. Alumis has completed its pivotal phase III ONWARD1 and ONWARD2 studies of envu in patients with PsO, with both studies meeting all primary and secondary endpoints with high statistical significance.
Year to date, ALMS shares have skyrocketed 182% compared with the industry’s 5.2% growth.
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Across the two phase III studies, about 65% of patients achieved PASI 90, while more than 40% achieved complete skin clearance (PASI 100) at Week 24, with PASI 90 responses emerging as early as Week 4. PASI is a standard measure used to assess the severity of psoriasis and the extent of improvement with treatment. The efficacy profile has strengthened the case for a potential regulatory filing.
Alumis plans to submit a new drug application for envu to treat moderate-to-severe PsO in the second half of 2026. ALMS is also evaluating the candidate for systemic lupus erythematosus, with phase IIb data expected in the third quarter. Alumis currently carries a Zacks Rank #3.
Oruka Therapeutics
Oruka is taking a different approach to psoriasis by attempting to extend the dosing interval of established immune targets. Its lead candidate, ORKA-001, is a high-affinity, half-life-extended IL-23p19 antibody. YTE technology gives the molecule a human half-life of roughly 100 days and is intended to support subcutaneous administration as infrequently as once or twice a year.
Year to date, ORKA shares have skyrocketed 246.9% against the industry’s 1.5% decline.
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Efficacy data reported so far have been encouraging. In the phase IIa EVERLAST-A study, 63.5% of moderate-to-severe PsO patients treated with ORKA-001achieved PASI 100 at Week 16, while PASI 90 and IGA 0/1 were achieved by 83% and 84%, respectively. Week 28 data are expected in the third quarter, followed by 52-week data in December 2026, providing important evidence on durability and the potential for annual or semiannual dosing. The phase IIb EVERLAST-B dose-ranging study of the candidate for the PsO indication is now fully enrolled, with Week 16 data expected in the fourth quarter. The results are expected to guide dose selection and support Oruka’s planned phase III PsO program in the first half of 2027.
ORKA-002 provides a second psoriasis opportunity, targeting both IL-17A and IL-17F. Its approximately 75-80-day half-life could support twice-yearly maintenance dosing in psoriasis. The phase II ORCA-SURGE study is expected to produce Week 16 data in the first quarter of 2027, while the candidate is also being evaluated for hidradenitis suppurativa in a mid-stage study. Oruka currently carries a Zacks Rank #3.
Vanda Pharmaceuticals
Vanda's psoriasis opportunity is potentially differentiated by its focus on generalized pustular psoriasis (GPP), a rare and severe form of psoriasis disease. Quimilza (imsidolimab) is an IL-36 receptor antagonist, worldwide rights to which were acquired from AnaptysBio. Rather than competing directly in the large PsO biologics market, the program targets a narrower high-unmet-need population.
Year to date, VNDA shares have plummeted 43.1% against the industry’s 5.3% growth.
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Quimilza has not yet been approved in the United States. The FDA accepted Vanda's biologics license application (BLA) for Quimilza in GPP and assigned a Dec. 12, 2026, decision date. The BLA is supported by results from the late-stage GEMINI-1 and GEMINI-2 studies. In GEMINI-1, 53% of patients treated with imsidolimab achieved clear or almost clear skin at Week 4 compared with 13% on placebo, while GEMINI-2 showed that 100% of initial responders receiving monthly maintenance therapy maintained the response without experiencing a flare.
Quimilza represents a potentially important future growth driver, but its near-term value remains closely tied to the FDA decision and subsequent commercialization execution. VNDA currently carries a Zacks Rank #4 (Sell).
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