JMP Securities downgraded Allogene Therapeutics to Market Perform from Outperform without a price target. The analyst cites the discontinuation of the company’s late-stage trials that powered the firm’s prior valuation methodology for the downgrade. While the company was positioned at the end of 2023 with a strong cash position of $456M, without clarity on development timelines, Allogene should be valued by estimating ending Q4 of 2024 cash per share of $1.95 and a platform value of $1.41, resulting in a value of $3.36, near where shares are currently trading, the analyst tells investors in a research note.
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