ALLO - Allogene stock rises on Q2 beat despite downgrade at Raymond James; eyes FDA nod for ALLO-501A trial in 'coming weeks'
Allogene Therapeutics ( NASDAQ: ALLO ) stock rose ~8% after the company's Q2 results beat analysts' estimates.
The company also said that in the coming weeks, it expects to receive clearance from the U.S. Food and Drug Administration (FDA) to start a potential phase 2 trial of ALLO-501A in relapsed/refractory (r/r) large B cell lymphoma (LBCL).
"We feel confident that we could soon initiate the industry’s first Phase 2 pivotal trial for an allogeneic CAR T product, thereby paving the road not just for ALLO-501A, but our entire portfolio,” said David Chang, co-founder, president and CEO of Allogene.
Earlier in the day, Raymond James had downgraded Allogene as the stock price had exceeded the firm's target. Analyst Dane Leone was also awaiting further pipeline data by the end of the year and the start of the trial of ALLO-501A.
Q2 collaboration revenue - related party grew +95.45% Y/Y to $86K.
Net loss widened to -$74.79M, compared to -$70.94M in Q2 2021.
Q2 research and development expenses increased to $57.17M, compared to $52.29M in Q2 2021.
As of June 30, the company had $686M in cash, cash equivalents, and investments.
Outlook :
Allogene said that while it anticipates spending to increase in the H2 relative to H1 2022, it now expects full year 2022 GAAP operating expenses to be at the low end of the previous range of $360M and $390M.
The company expects cash burn for 2022 to be ~$250M.
For further details see:
Allogene stock rises on Q2 beat despite downgrade at Raymond James; eyes FDA nod for ALLO-501A trial in 'coming weeks'