Allogene Therapeutics initiated with a Buy at EF Hutton

EF Hutton analyst Tony Butler initiated coverage of Allogene Therapeutics with a Buy rating and $15 price target. Allogene is focused on developing off-the-shelf, allogeneic T-cell product candidates against hematological malignancies and solid tumors, Butler tells investors in a research note. The analyst says the company has developed a highly competent cell manufacturing facility that, at scale, can deliver 20,000 potential doses per year.