In a report released today, John Newman from Canaccord Genuity maintained a Buy rating on Allogene Therapeutics (ALLO – Research Report), with a price target of $14.00.
John Newman has given his Buy rating due to a combination of factors related to Allogene Therapeutics’ promising pipeline and upcoming data releases. The company is set to conduct a futility analysis for its ALPHA3 program by mid-2025, focusing on minimal residual disease conversion, which could provide insights into its efficacy. Additionally, an interim analysis for ALPHA3 is expected in the first half of 2026, which will focus on event-free survival, a critical endpoint for assessing the treatment’s impact.
Furthermore, Allogene’s ALLO-329 program is anticipated to begin trials in mid-2025, with initial proof-of-concept data expected by the end of that year. This program is particularly noteworthy for its potential to show efficacy without lymphodepletion, which could set it apart from other treatments. Lastly, the ALLO-316 program is also progressing, with data updates expected in mid-2025, emphasizing the durability of response in renal cell carcinoma. These developments, along with the potential of cema-cel as a first-line consolidation therapy for LBCL, support the Buy rating and the $14 price target.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $9.00 price target.