Broadcom named strategic vendor for Walmart virtualization solutions
Allogene Therapeutics, Inc. (NASDAQ:ALLO), a biotechnology firm specializing in biological products trading at $1.93 per share, announced the upcoming departure of Timothy Moore, an executive officer of the company.
As per the recent SEC filing, Moore will officially leave his position on February 28, 2025. According to InvestingPro analysis, the company’s stock has declined over 45% in the past year, with current market capitalization around $405 million.
The decision regarding Moore’s departure was mutually agreed upon on January 23, 2025. In accordance with Allogene’s Change in Control and Severance Benefit Plan, Moore is set to receive a severance package that includes cash compensation and COBRA reimbursement benefits.
These benefits are contingent upon Moore providing the company with a release and waiver of claims. InvestingPro data shows the company maintains a strong current ratio of 9.35, with cash holdings exceeding debt levels, providing flexibility for such corporate transitions.
In addition to the severance agreement, Allogene Therapeutics is planning to enter into a consulting agreement with Moore. The terms of this agreement are currently under negotiation and are expected to be finalized soon.
This transition comes at a time when Allogene Therapeutics continues to focus on its core mission in the biotech industry. The company’s business address is located at 210 East Grand Avenue, South San Francisco, California, with a business phone number of (650) 457-2700.
Investors and stakeholders of Allogene Therapeutics can expect the company to pursue a smooth transition following Moore’s departure and to maintain its strategic direction in the biotechnology sector. With seven analysts recently revising earnings estimates upward for the upcoming period, the company faces both opportunities and challenges. For deeper insights into Allogene’s financial health and future prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro’s detailed research reports.
In other recent news, Allogene Therapeutics has seen significant developments in its clinical trials and financial standing. The biotech company recently paused patient enrollment in the Phase 1 cohort of its ALPHA2 study, which was researching cema-cel for Chronic Lymphocytic Leukemia (r/r CLL), due to a slower-than-anticipated rate of enrollment. Piper Sandler reacted by revising the stock’s price target down to $9 from the previous $11, while maintaining an Overweight rating.
On the other hand, 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, expecting its cash runway to extend into the second half of 2026.
Allogene’s ALPHA3 trial for cema-cel, targeting large B cell lymphoma, is advancing with over half of the sites activated. Furthermore, an IND filing for ALLO-329, targeting autoimmune diseases, is expected in Q1 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.