UPDATE: Goldman Sachs Upgrades Allogene (ALLO) to Buy

(Updated - July 15, 2022 4:00 AM EDT)

Goldman Sachs analyst Salveen Richter upgraded Allogene (NASDAQ: ALLO) from Neutral to Buy with a price target of $32.00 (from $9.00).

The analyst comments "We upgrade ALLO from Neutral to Buy ahead of key inflection points as we anticipate a period of execution on lead allogeneic CAR T programs ALLO-501A (anti-CD-19) in relapsed/refractory large B cell lymphoma (GSe peak US sales of $1.4bn in 2035), where FDA alignment on and initiation of the pivotal trials in mid-22 pave a path toward approval, and ALLO-715 (anti-BCMA) in R/R multiple myeloma (GSe peak global sales of $3.7bn in 2035), where clarity on the forward path is expected by YE22 per longer-term follow-up monotherapy data and the optimization levers of consolidation dosing, combinatorial approach with SWTX's nirogacestat, and TurboCAR technology. On the former, we note a best-in-class profile and on the latter, an in-line profile with BMY/TSVT's Abecma (with potential for improvements per modifications) coupled with manufacturing advantages would bode well for commercial utilization in the context of supply/demand dynamics, per our KOL conversations. Separately, we note first data from the Ph1 ALLO-316 TRAVERSE study in renal cell carcinoma in 2023 could unlock the solid tumor vertical."

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 $11.86 yesterday.

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