Citi Reiterates Buy Rating on Allogene (ALLO), PT $8

Citi analyst Samantha Semenkow reiterated a Buy rating and $8.00 price target on Allogene (NASDAQ: ALLO)

The analyst comments "We continue to have a favorable outlook on the pivotal ALPHA3 study evaluating cema-cel in 1L LBLC consolidation in MRD+ patients and anticipate the study will pass the upcoming planned futility analysis in mid-2025. Recent Ph1 ALPHA/ALPHA2 data in r/r LBCL published in the JCO demonstrated cema-cel delivered robust CR durability in-line with autologous CAR-Ts and that 100% of patients with low tumor burden (analogous to MRD+ tumor volume) achieved CR (Figure 1). We believe the data support a high likelihood of success for ALPHA3 and we model 60% PoS into the mid-2025 futility analysis. Topline pivotal ALPHA3 data are expected by YE26. For ALLO-329 (CD19/CD70 allo CAR-T) in autoimmune diseases, initiation of the Ph1 RESOLUTION basket trial is targeted for mid-2025, with initial proof-of-concept data expected around YE25. For ALLO-316 (CD70 allo CAR-T) in RCC, data from the Ph1b expansion cohort are expected mid-2025. Reiterate Buy/High Risk, TP $8/shr."

For an analyst ratings summary and ratings history on Allogene click here. For more ratings news on Allogene click here.

Shares of Allogene closed at $1.89 yesterday.

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