A Study to Assess the Impact of Omalizumab on Exercise Capacity, Physical Activity, and Sleep Quality in Participants With Moderate to Severe Allergic Asthma

Inclusion Criteria: * Physician-diagnosed 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 * For women of childbearing potential: agreement to remain abstinent (refrain from heterosexual intercourse) or to use adequate contraception during the treatment period and for 60 days after the final dose of study drug. 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 * Ongoing physician-treated sleep disorder that is unrelated to asthma within 6 months prior to screening * 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