ALLO - Allogene Therapeutics assumed buy at Jefferies noting recent weakness

With the newly-announced leadership change, Allogene Therapeutics ([[ALLO]] +3.8%) is trading higher while Jefferies assumes coverage of the stock with a buy rating. The price target of $53.00 per share implies a premium of ~116.5% to the last close.Despite recent underperformance of Allogene shares, the company’s Phase 1/2 data for ALLO-501 as presented at the 2021 American Society of Clinical Oncology ((ASCO)) Meeting “looked good” and supports a large pivotal Phase 2b trial, the analyst wrote.The firm notes that despite low expectations, the company is likely to reveal at the upcoming 2021 American Society of Hematology ((ASH)) annual meeting the follow-up data from its clinical program on anti-B cell maturation antigen ((BCMA)) therapies targeting multiple myeloma.In May, Allogene announced that it is planning to initiate a pivotal trial for the off-the-shelf CAR T therapy ALLO-501A by the end of the year. ALLO-501A is currently undergoing Phase 1/2b studies in relapsed/refractory non-Hodgkin

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Allogene Therapeutics assumed buy at Jefferies noting recent weakness