Canaccord Genuity analyst John Newman maintained a Buy rating on Allogene Therapeutics (ALLO – Research Report) today and set a price target of $14.00.
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John Newman has given his Buy rating due to a combination of factors, including the strategic developments and financial position of Allogene Therapeutics. The company has demonstrated strong potential with its ALPHA3 program, despite some delays in site readiness, which are expected to be mitigated by more efficient enrollment in the future. The upcoming lymphodepletion regimen selection and futility analysis in the first half of 2026 are pivotal, and the interim event-free survival data, although potentially delayed, are anticipated with interest.
Furthermore, the ALLO-329 program in autoimmune disease is expected to provide robust clinical and biomarker data by the first half of 2026, showcasing its unique ability to deplete both B-cells and T-cells. The potential for partnerships in both the ALLO-329 and ALLO-316 programs could enhance the company’s cash preservation strategy. Allogene’s solid financial footing, with $335.5 million in cash and cash equivalents and a reduced cash burn forecast, extends its cash runway into the second half of 2027, supporting the Buy rating with a $14 price target.
Newman covers the Healthcare sector, focusing on stocks such as Candel Therapeutics, Adicet Bio, and BioNTech SE. According to TipRanks, Newman has an average return of -6.6% and a 30.92% success rate on recommended stocks.