Bernstein SocGen Group analyst William Pickering raised the price target on Allogene (NASDAQ: ALLO) to $3.85 (from $1.60) while maintaining a Market Perform rating.

The analyst commented: "ALLO announced strong data from its interim futility analysis of cema-cel in 1L consolidation LBCL, showing 58% MRD clearance in the cema-cel arm, +42% vs. the 17% clearance rate in the placebo arm, and beating mgmt’s 25-30% bar. We update our model to reflect (1) increased probability of success for cema-cel from 60% → 75% and (2) increased share count to reflect the $175M raise. The raise implies ~20% dilution assuming pricing at $3 and ingoing share count of 242M. PT to $3.85."