Allogene Therapeutics price target raised to $3.85 from $1.60 at Bernstein

Bernstein raised the firm’s price target on Allogene Therapeutics (ALLO) to $3.85 from $1.60 and keeps a Market Perform rating on the shares. The firm notes the company announced strong data from its interim futility analysis of cema-cel in first line consolidation large B-cell lymphoma, showing 58% minimal residual disease clearance in the cema-cel arm, 42% improvement versus vs. the 17% clearance rate in the placebo arm, and beating management’s 25%-30% bar. Bernstein updates its model to reflect increased probability of success for cema-cel from 60% to 75% and increased share count to reflect the $175M raise.