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Allogene Therapeutics (ALLO) Surges 8.4%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Allogene Therapeutics ALLO shares rallied 8.4% in the last trading session to close at $5.41. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 1.2% loss over the past four weeks.

The rise in share price is attributable to positive investor expectations for Allogene’s pipeline development. The company’s most advanced product candidate is ALLO-501A, which is being evaluated in an ongoing phase I/II study for relapsed/recurring large B cell lymphoma (LBCL). Currently, management is preparing to start a late-stage study in first-half 2024 which will evaluate ALLO-501A in an earlier line of therapy for LBCL.

This immuno-oncology company is expected to post quarterly loss of $0.63 per share in its upcoming report, which represents a year-over-year change of -12.5%. Revenues are expected to be $0.08 million, up 33.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Allogene Therapeutics, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ALLO going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Allogene Therapeutics is part of the Zacks Medical - Biomedical and Genetics industry. Vericel Corporation VCEL, another stock in the same industry, closed the last trading session 0.8% higher at $30.80. VCEL has returned 6.1% in the past month.

For Vericel Corporation , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.13. This represents a change of +13.3% from what the company reported a year ago. Vericel Corporation currently has a Zacks Rank of #3 (Hold).

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Allogene Therapeutics, Inc. (ALLO) : Free Stock Analysis Report

Vericel Corporation (VCEL) : Free Stock Analysis Report

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Zacks Investment Research