Canaccord Genuity Thinks Allogene Therapeutics’ Stock is Going to Recover
In a report released yesterday, John Newman from Canaccord Genuity maintained a Buy rating on Allogene Therapeutics (ALLO), with a price target of $55.00. The company’s shares closed last Thursday at $29.17, close to its 52-week low of $24.85.
According to TipRanks.com, Newman is a 4-star analyst with an average return of 14.7% and a 42.7% success rate. Newman covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Hutchison China MediTech, and Atara Biotherapeutics.
Currently, the analyst consensus on Allogene Therapeutics is a Moderate Buy with an average price target of $47.00, which is a 62.5% upside from current levels. In a report issued on April 21, William Blair also assigned a Buy rating to the stock.
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The company has a one-year high of $55.00 and a one-year low of $24.85. Currently, Allogene Therapeutics has an average volume of 788.9K.
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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. Its engineered T cells are allogeneic, which are derived from healthy donors for intended use in any patient. The company was founded by Arie S. Belldegrun, David D. Chang, and Joshua A. Kazam in November 2017 and is headquartered in South San Francisco, CA.