Allogene Therapeutics Inc (ALLO) Initiated with a Buy at William Blair

By Ryan Adsit

Allogene Therapeutics Inc (ALLOResearch Report) received a Buy rating from William Blair analyst Raju Prasad today. The company’s shares opened today at $26.80.

Prasad commented:

“Allogene Therapeutics, Inc. Just as We are initiating coverage on Outperform rating and $37 fair value estimate. As noted in our sector landscape piece, “Off the The Next Step for Cell Therapy,” we believe that the next phase of growth in the widespread utilization of cell therapies will be catalyzed by the successful development of “off the shelf” modalities. We therefore view Allogene as a core holding for investors looking for exposure to innovation in this subsector with de- risked initial targets and indications.”

According to TipRanks.com, Prasad is a 5-star analyst with an average return of 18.4% and a 54.8% success rate. Prasad covers the Healthcare sector, focusing on stocks such as Rocket Pharmaceuticals Inc, Global Blood Therapeutics, and Logicbio Therapeutics Inc.

Allogene Therapeutics Inc has an analyst consensus of Moderate Buy, with a price target consensus of $29, an 8.2% upside from current levels. In a report issued on March 8, Cowen & Co. also maintained a Buy rating on the stock.

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Based on Allogene Therapeutics Inc’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $30.51 million. In comparison, last year the company had a GAAP net loss of $2,000.

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Allogene Therapeutics, Inc. is a clinical stage immuno-oncology company, which engages in the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. It also developing engineered allogeneic CAR T cell product candidates for multiple myeloma, other blood cancers and solid tumors.