Oppenheimer lowered the firm’s price target on Allogene Therapeutics (ALLO) to $7 from $9 and keeps an Outperform rating on the shares. The company closed the ALLO-647 arm of the Phase 2 ALPHA3 study and will not pursue further trials with it after a death, the analyst tells investors in a research note. The firm is more concerned about the death’s impact on trial enrollment than it is about the ramifications of removing ALLO-647 might have on efficacy. However, it still thinks ALPHA3 “is a worthy endeavor that has the potential to be paradigm-changing.”
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