Allogene Therapeutics price target lowered to $4 from $8 at Citi

Citi lowered the firm’s price target on Allogene Therapeutics (ALLO) to $4 from $8 and keeps a Buy rating on the shares. The company’s Q1 clinical update was mixed, with delayed clinical timelines for key data readouts extending the time to value realization, partially offset by strategic cash preservation efforts that extend runway into the second half of 2027, the analyst tells investors in a research note. The firm is reducing its price target to account for these timeline delays and higher clinical execution risk, Citi added.