Oppenheimer Thinks Allogene Therapeutics’ Stock is Going to Recover
Oppenheimer analyst Mark Breidenbach assigned a Buy rating to Allogene Therapeutics (ALLO) yesterday and set a price target of $52.00. The company’s shares closed last Wednesday at $28.47, close to its 52-week low of $24.85.
According to TipRanks.com, Breidenbach is a 4-star analyst with an average return of 15.3% and a 37.1% success rate. Breidenbach covers the Healthcare sector, focusing on stocks such as Forma Therapeutics Holdings, Global Blood Therapeutics, and Iovance Biotherapeutics.
Allogene Therapeutics has an analyst consensus of Moderate Buy, with a price target consensus of $47.63, implying a 63.6% upside from current levels. In a report issued on May 5, William Blair also reiterated a Buy rating on the stock.
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Based on Allogene Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $38.35 million and GAAP net loss of $33.02 million. In comparison, last year the company had a GAAP net loss of $54.48 million.
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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.