Allogene (ALLO) PT Lowered to $32 at Oppenheimer

Oppenheimer analyst Mark Briedenbach lowered the price target on Allogene (NASDAQ: ALLO) to $32.00 (from $35.00) while maintaining an Outperform rating.

The analyst commented, "Last Thursday, Allogene announced the initiation of the Phase 2 ALPHA2 study of ALLO-501A in r/r LBCL—making it the first allogeneic CD19 CAR-T to enter a registrational trial, to our knowledge. We caught up with management to discuss some unexpected aspects of the protocol, which focuses on single-dose ALLO-501A instead of allowing for repeat dosing as previously guided. We believe updated Phase 1 data, slated for presentation in 4Q, could help bolster confidence in this strategy. In parallel with ALPHA2, Allogene plans to initiate the randomized EXPAND trial to verify the importance of ALLO-647 lymphodepletion in the context of AlloCAR therapy. We have updated our model with refined development timelines for ALLO-501A and ALLO-715, and adjust our PT to $32 (vs. $35 previously). Reiterate Outperform."

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