Inclusion Criteria:

• Physician-diagnosed allergic asthma for at least 12 months prior to screening.
• Documented history of positive skin test or in vitro reactivity to a perennial aeroallergen.
• Able to comply with asthma control medication adherence, digital monitoring data collection, and eDiary requirements during screening period -Able to safely complete incremental exercise tolerance at screening.
• Pre-bronchodilator FEV1 of 40%-80% of predicted at screening.
• Documented history of variable airflow obstruction or hyper-responsiveness within 12 months of study entry -On inhaled corticosteroids (ICS) therapy at a total daily dose greater than or equal to (≥) 500 micrograms (ug) of fluticasone propionate or equivalent and at least one second controller (LABA, LAMA, LTRA) for ≥ 3 months prior to screening.
• Uncontrolled asthma during the screening period, defined as an ACQ-5 ≥ 0.75 score.
• Sleep disturbance due to asthma (e.g., cough, wheezing etc.) in the opinion of the investigator.

Exclusion Criteria:

• Known history of anaphylaxis/hypersensitivity to omalizumab.
• Treatment with investigational drugs within 12 weeks or 5 half-lives (whichever is longer) prior to screening.
• Treatment with monoclonal antibodies (e.g., omalizumab, mepolizumab, dupilumab) for 6 months prior to screening.
• Maintenance oral corticosteroid therapy, defined as daily or alternate-day oral corticosteroid within 3 months prior to screening or during the screening period.
• Treatment with systemic (oral, IV, or IM) corticosteroids within 4 weeks prior to screening or during the screening period.
• Isolated diagnosis of exercise induced asthma without chronic symptoms.
• History of interstitial lung disease, COPD, or other clinically significant lung disease other than asthma.
• Current malignancy or history of malignancy within 5 years prior to screening.
• Unable to complete cardiopulmonary exercise testing and/or perform physical activity due to underlying cardiac, neurologic or orthopedic conditions.
• Known sleep disorder diagnosis, including sleep apnea.
• Current smoker or past smoker with > 10 pack years.
• Known HIV infection at screening.
• Known acute or chronic infections with hepatitis C virus (HCV) and hepatitis B virus (HBV) at screening.
• Infection that resulted in hospital admission, required treatment with intravenous or intramuscular antibiotics within 4 weeks prior to screening, or any active infection that required treatment with oral antibiotics within 2 weeks prior to screening.
• Active tuberculosis requiring treatment within 12 months prior to screening -History of alcohol, drug, or chemical abuse within 6 months of screening