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Allogene Therapeutics Inc . (NASDAQ:ALLO) stock has tumbled to $1.73, hitting new lows as the biotechnology firm faces a tough market environment. With a market capitalization of $377 million, the company maintains a strong liquidity position with a current ratio of 9.35, according to InvestingPro data. This latest price point marks a significant drop for the company, which has seen its stock value decrease by 55.56% over the past year. Investors are closely monitoring Allogene’s performance, as the company navigates through the challenges that have led to this notable decline in its stock price. While analyst price targets range from $3 to $14, suggesting potential upside, the company appears undervalued according to InvestingPro’s Fair Value analysis. For deeper insights into Allogene’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, along with 12 additional ProTips for this stock.
In other recent news, Allogene Therapeutics announced the upcoming departure of executive officer Timothy Moore. The company is set to enter into a consulting agreement with Moore, with the terms currently under negotiation. Allogene also paused patient enrollment in the Phase 1 cohort of its ALPHA2 study due to a slower-than-anticipated rate of enrollment. Piper Sandler responded by revising the stock’s price target down to $9 from the previous $11. However, H.C. Wainwright 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. The company’s ALPHA3 trial for cema-cel, targeting large B cell lymphoma, is advancing, and an IND filing for ALLO-329, targeting autoimmune diseases, is expected in Q1 2025. These are recent developments that investors in Allogene Therapeutics should take note of.
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