Stifel Upgrades Allogene (ALLO) to Buy

January 25, 2021 7:27 PM EST
Get Alerts ALLO Hot Sheet
Price: $34.72 +6.57%

Rating Summary:
    14 Buy, 4 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 20 | Down: 24 | New: 32
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Stifel analyst Benjamin Burnett upgraded Allogene (NASDAQ: ALLO) from Hold to Buy with a price target of $43.00 (from $33.00).

The analyst comments "We're upgrading shares on expectations that pretreatment with high-dose ALLO-647 increases the likelihood that ALLO-501 (CD19-directed alloCAR-T) will persist long enough to drive clinical outcomes that will be competitive with autologous CAR-T. Based on our analysis (slides contained within) we believe that pretreatment with high-dose ALLO-647 increases the lymphodepletion window to ~3 months, and that this ought to be materially better than that achieved with flu/cy and/or low-dose ALLO-647 (~1-2mo). We'd view the data positively if there is a Yescarta-like CR rate and if the majority of responses are ongoing in a manner that's supportive of the bull case that ALLO-501 can ultimately mirror the efficacy profile of autologous CAR-T without the burdensome patient-by-patient manufacturing process. We acknowledge the potential for increased infection rates with high-dose ALLO-647 treatment, but on a cumulative basis, we think the risk is well below that of historical Campath use."

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 $30.76 yesterday.



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