Truist Securities Reiterates Buy Rating on Allogene (ALLO)
Truist Securities analyst Asthika Goonewardene reiterated a Buy rating and $17.00 price target on Allogene (NASDAQ: ALLO)
The analyst comments "Two key positives from 1Q24 should make the stock more attractive, in our view: (1) Gaining EU/UK rights to lead asset Cema-cel puts ALLO more firmly in the driver's seat and positions the company to retain more of the profit, and (2) We think the $110M financing means ALLO's total cash (~$500M) will comfortably see it past more potential value inflection points, alleviating cash runway concerns and making the stock more investable. While ALLO has work to do in redefining the treatment paradigm for aggressive lymphoma, and making community practices handle their product, history gives us confidence in the team's ability to execute."
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Shares of Allogene closed at $2.90 yesterday.