On Wednesday, Allogene (ALLO) revealed positive initial data from its ALLO-501 CD19 allogeneic CAR T, showing both activity and a tolerable safety profile. The news sent shares surging 28% in Wednesday’s after-hours trading.Allogene announced preliminary data from the Phase 1 dose escalation ALPHA trial of ALLO-501 in conjunction with the release of ASCO (American Society of Clinical Oncology) abstracts.As of the January cutoff, 3 non-Hodgkin lymphoma (NHL) patients achieved complete responses and 4 achieved partial responses, for an ORR [overall response rate] of 78% (n=7/9).“Although early, we believe these data suggest that ALLO-501 could go toe-to-toe with autologous CAR-Ts on performance and safety—setting a new bar for allogeneic CAR-Ts in NHL and underscoring the importance of Allogene’s antibody-dependent approach to lymphodepletion” commented Oppenheimer’s Mark Breidenbach following the report.He anticipates updated results from 11 evaluable patients in the May 29 oral presentation at ASCO—including patients treated with high-dose ALLO-647, which may further improve efficacy.As a result of these ‘encouraging early results’, Breidenbach reiterated his buy rating on the stock while ramping up his price target from $44 to $50 (61% upside potential).Meanwhile JP Morgan’s Cory Kasimov wrote: “In our view, this is good initial data but it hard to interpret relative to other CAR T / CD19 approaches given the limited details in the abstract (i.e. what doses, which histologies, and the amount of follow-up for patients still responding).”Ultimately, the JP Morgan analyst looks to the upcoming ASCO presentation (which will also include patients treated at a higher ‘647 dose) to further evaluate.ALLO currently shows a cautiously optimistic Moderate Buy consensus from the Street with 7 recent buy ratings vs 4 hold ratings. The average analyst price target stands at $34 (11% upside potential). (See ALLO stock analysis on TipRanks).Related News: Moderna’s COVID-19 Vaccine Candidate Progressing at ‘Warp Speed,’ Says Top Analyst Twilio Partners With Zocdoc For Telehealth Video Consultations CymaBay (CBAY) Stock Is up 127% in a Day. How Much Higher Can It Go? More recent articles from Smarter Analyst: * Amazon Urges Congress to Establish a Law Against Price Gouging * Live Nation Announces $1.2B Debt Offering, Business Severely Affected by Covid-19 Crisis * GM Plans To Reopen Lucrative Mexican Pickup Plant Next Week- Report * Cisco Shares Up Pre-Market After Topping Quarterly Profit Bets
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