Shares of Allogene Therapeutics (NASDAQ: ALLO) gained over 33% in early trading Thursday after the company reported preliminary data from a phase 1 clinical trial. The results will be featured in an abstract to be presented at the American Society of Clinical Oncology (ASCO) meeting at the end of May.
The phase 1 trial is evaluating a combination of cell therapy drug candidate ALLO-501 and monoclonal antibody drug candidate ALLO-647 to treat advanced non-Hodgkin lymphoma (NHL). Investors are excited by preliminary results suggesting the drug combo could become a powerful treatment option.
As of 12:42 p.m. EDT, the pharma stock had settled to a 30.2% gain.