Allogene Therapeutics initiated with a Market Perform at Bernstein

Bernstein analyst William Pickering initiated coverage of Allogene Therapeutics with a Market Perform rating and $6 price target. The next major catalyst for the company’s B-cell lymphoma t program is around two years away, and in the meantime Allogene "continues to get beaten up on negative investor sentiment toward off-the-shelf cell therapy," the analyst tells investors in a research note.