Allogene Therapeutics (ALLO – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Reni Benjamin from JMP Securities upgraded the rating on the stock to a Buy and gave it a $5.00 price target.
Reni Benjamin’s rating is based on a combination of factors that highlight Allogene Therapeutics’ promising potential. The recent clinical data showing high complete response rates in patients with low disease burden and normal LDH levels has strengthened confidence in the success of the ALPHA3 trial. This trial is on track for a mid-2025 futility assessment, which could provide further positive insights.
Additionally, Allogene’s strong financial position, with $373 million in cash, supports ongoing research and development efforts. The company’s strategic focus on innovative therapies, such as the ALLO-329 trial and the ALLO-316 expansion, positions it well for future growth. These elements, combined with a significant potential upside in stock value, underpin the Buy rating recommendation.