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Allogene Therapeutics Inc (NASDAQ:ALLO). shares have tumbled to a 52-week low, with the stock price touching down at $1.33. According to InvestingPro data, the stock appears undervalued, with analyst price targets ranging from $3 to $14. This latest price level reflects a significant downturn for the biotechnology company, which has experienced a precipitous 1-year change, plummeting by -70.48%. Investors have watched with concern as Allogene’s stock value has eroded over the past year, leading to this new low point. The company, which specializes in the development of allogeneic CAR T therapies for cancer, has faced various challenges that have evidently shaken market confidence. Despite the decline, InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 9.35 and holds more cash than debt on its balance sheet. Get access to 15+ additional ProTips and comprehensive analysis with an InvestingPro subscription.
In other recent news, Allogene Therapeutics has been in the spotlight due to a series of developments. The company disclosed the forthcoming departure of Timothy Moore, an executive officer, as per a recent SEC filing. Moore’s departure will be effective from late February 2025, and a severance package, contingent upon Moore providing a release and waiver of claims, has been arranged. Further, Allogene Therapeutics is planning to enter into a consulting agreement with Moore, the terms of which are currently under negotiation.
Meanwhile, Allogene has halted patient enrollment in a Phase 1 clinical trial cohort for cemacabtagene ansegedleucel (cema-cel), citing slower-than-expected recruitment rates. This decision reflects the company’s strategy to optimize its resources and focus on other ongoing programs.
In a separate development, Piper Sandler revised its financial outlook for Allogene, reducing the stock’s price target from $11 to $9 while maintaining an Overweight rating. This adjustment came after Allogene’s announcement of the halt in trial enrollment and was influenced by the exclusion of potential revenue from cema-cel in its valuation model. These are some of the recent developments that have unfolded at Allogene Therapeutics.
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