J.P. Morgan Remains a Hold on Allogene Therapeutics Inc (ALLO)

By Jason Carr

J.P. Morgan analyst Cory Kasimov maintained a Hold rating on Allogene Therapeutics Inc (ALLOResearch Report) on March 8 and set a price target of $29. The company’s shares closed on Friday at $28.38.

Kasimov noted:

“Allogenes’s first earnings call as a public company was fairly uneventful. The company announced detailed information on the Phase 1 trial design for ALLO 501 that was more or less in line with our expectations. Bigger picture, we believe that ALLO is well positioned in the allogeneic CAR T space and that these approaches may be the next chapter in the evolution of CAR T therapies, opening up this modality to a wider patient population. That said, after a strong post-IPO run, we remain on the sidelines given the early stage of ALLO’s proprietary programs and few value inflecting catalysts anticipated before 2020.”

According to TipRanks.com, Kasimov is a 2-star analyst with an average return of 0.2% and a 40.5% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Global Blood Therapeutics, and Jounce Therapeutics Inc.

Currently, the analyst consensus on Allogene Therapeutics Inc is a Moderate Buy with an average price target of $29.

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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.