Allogene cut to Underperform at BofA on decreased competitiveness of ALLO-715

BofA analyst Jason Gerberry downgraded Allogene Therapeutics to Underperform from Buy with a price target of $9, down from $24, citing both a lack of catalysts and what he sees as decreased competitiveness of ALLO-715 in the BCMA CART category. His revised target now reflects lower peak BCMA sales of $500M, down from $1.7B previously, on increasingly strong data for competitor autologous CART and bispecific approaches as shown at the recent ASH meeting, Gerberry tells investors.