After William Blair and Piper Jaffray gave Allogene Therapeutics Inc (NASDAQ: ALLO) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Mark Breidenbach maintained a Buy rating on Allogene Therapeutics Inc today and set a price target of $45. The company’s shares closed yesterday at $29.79.
Breidenbach observed:
“Tuesday, Allogene reported 1Q earnings and provided a business update. The company’s lead programs are on track, with management announcing the initiation of the Phase 1 ALPHA trial of ALLO-501 in non-Hodgkin’s lymphoma (NHL). Additionally, an IND has been filed for ALLO-715, and we expect a Phase 1 trial in multiple myeloma (MM) to initiate in 2H19. Based on responses from our recent physician survey, we believe prescribers would be receptive to allogeneic CAR-Ts. In exchange for the benefits afforded by off-the-shelf products, physicians may accept marginally lower efficacy and/or safety relative to autologous equivalents. We see Allogene as exceptionally qualified to develop off-the-shelf CAR-Ts at a swift pace, and the company is well financed through multiple de-risking readouts. Reiterate Outperform, $45 PT.”
According to TipRanks.com, Breidenbach is a 2-star analyst with an average return of 0.5% and a 42.6% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Iovance Biotherapeutics Inc, Alpine Immune Sciences Inc, and Global Blood Therapeutics.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Allogene Therapeutics Inc with a $41 average price target, representing a 37.6% upside. In a report issued on April 29, Piper Jaffray also maintained a Buy rating on the stock with a $50 price target.
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Based on Allogene Therapeutics Inc’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $31.59 million. In comparison, last year the company had a net profit of $0.
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Allogene Therapeutics, Inc. operates as a clinical stage immuno-oncology company pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The firm develops a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells.
