Stifel Upgrades Allogene (ALLO) to Buy
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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."
Shares of Allogene closed at $30.76 yesterday.
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