Allogene Therapeutics Inc . (NASDAQ:ALLO) stock has reached a new 52-week low, touching down at $1.98. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 9.35x, though its overall financial health score indicates some challenges ahead. This latest price point reflects a significant downturn for the biotechnology company, which has experienced a 1-year change with a decline of -25.46%. Investors are closely monitoring Allogene as it navigates through a challenging period marked by this notable decrease in stock value. While analysts maintain a bullish stance with price targets ranging from $3 to $14, InvestingPro subscribers can access 13 additional key insights about ALLO's financial position and growth prospects through the comprehensive Pro Research Report, helping inform investment decisions in this volatile biotech market.
In other recent news, Allogene Therapeutics has seen significant developments in its clinical trials and financial standing. The biotechnology company recently halted new patient enrollment in the phase 1 cohort of its ALPHA2 study, researching cema-cel for relapsed or refractory Chronic Lymphocytic Leukemia, due to a slower-than-anticipated rate of enrollment. This decision was followed by Piper Sandler revising Allogene's stock price target down to $9 from $11, while maintaining an Overweight rating.
H.C. Wainwright, however, maintained a Buy rating on Allogene, following encouraging data from the TRAVERSE trial, which showed a 38% objective response rate for ALLO-316 in treating adult patients with CD70+ advanced renal cell carcinoma. Despite a net loss of $66.3 million in the third quarter of 2024, Allogene maintains a robust cash balance of $403.4 million, expecting its cash runway to extend into the second half of 2026.
The company's ALPHA3 trial for cema-cel, targeting large B cell lymphoma, is advancing with over half of the sites activated. Allogene's ALLO-316 has shown a 50% best overall response rate in renal cell carcinoma patients, and an IND filing for ALLO-329, targeting autoimmune diseases, is expected in Q1 2025. These recent developments highlight Allogene's commitment to advancing its pipeline of CAR T therapies.
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