William Blair Thinks Allogene Therapeutics’ Stock is Going to Recover

William Blair analyst Raju Prasad maintained a Buy rating on Allogene Therapeutics (ALLO) today. The company’s shares closed last Wednesday at $28.47, close to its 52-week low of $24.85.

According to TipRanks.com, Prasad is a 4-star analyst with an average return of 10.7% and a 47.8% success rate. Prasad covers the Healthcare sector, focusing on stocks such as Global Blood Therapeutics, Alexion Pharmaceuticals, and Rocket Pharmaceuticals.

Currently, the analyst consensus on Allogene Therapeutics is a Moderate Buy with an average price target of $47.63, which is a 63.6% upside from current levels. In a report issued on May 6, RBC Capital also maintained a Buy rating on the stock with a $55.00 price target.

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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.

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