ALLO - Allogene downgraded to market perform from outperform at Raymond James
- Raymond James has downgraded Allogene ( NASDAQ: ALLO ) Therapeutics from outperform to market perform as the stock price has exceeded the firm's target.
- Raymond James had a price target of $13. Allogene ( ALLO ) closed on Tuesday at $15.03.
- Shares are up 7% in Wednesday trading.
- Analyst Dane Leone said he is awaiting further pipeline data by the end of the year and the start of a pivotal study for ALLO-501A. The candidate is in phase 1 for non-Hodgkin's lymphoma and large B cell lymphoma.
- He noted that the company is still waiting for the U.S. FDA to grant the OK to begin a phase 2 study of ALLO-501A in relapsed/refractory large B cell lymphoma.
- Leone added that by the end of the year, Allogene ( ALLO ) is slated to provide a clinical update on the UNIVERSAL study treated with a single dose of ALLO-715 in multiple myeloma.
- Seeking Alpha's Quant Rating views Allogene ( ALLO ) as a hold with high marks for momentum and revisions .
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Allogene downgraded to market perform from outperform at Raymond James