Citizens JMP analyst Reni Benjamin upgraded Allogene Therapeutics (ALLO) to Outperform from Market Perform with a $5 price target The firm says recent data increases its conviction surrounding ALPHA3’s probability of clinical and statistical success. It attributes $1B of risk-adjusted sales for cema-cel at peak by 2033. With the ALPHA3 trial on track for a mid-2025 futility assessment, ALLO-329 being evaluated in autoimmune disease with cyclophosphamide alone or no lymphodepletion regimen, and a “strong” cash position of $373M, Allogene shares as an attractive investment opportunity, the analyst tells investors in a research note.
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