Allogene Therapeutics price target lowered to $20 from $29 at Truist

Truist analyst Asthika Goonewardene lowered the firm’s price target on Allogene Therapeutics to $20 from $29 but keeps a Buy rating on the shares after its Q4 results. The company is refocusing cash & R&D efforts to its more attractive programs – CD19 and CD70/Dagger – at the expense of pursuing a ‘stopgap’ BCMA play in multiple myeloma, and while a ‘delay’ may pressure the stock in the near-term, this is a fiscally prudent move to make sure the company gets past key pivotal readouts, the analyst tells investors in a research note.