Goldman Sachs analyst Salveen Richter moved shares of Allogene Therapeutics to Not Rated after the company announced a strategy shift across its allogeneic CAR T portfolio. The pivot to front-line large B-cell lymphoma is logical given the positioning of autologous CAR Ts in the third line setting, the analyst tells investors in a research note. The firm cites its approach for all early-stage biotech companies that have not passed a Phase 2 clinical trial for the move to Not Rated.
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