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Allogene's (ALLO) Q1 Loss Widens Y/Y, Pipeline Progresses

Zacks Equity Research
·3-min read

Allogene Therapeutics, Inc. ALLO incurred loss of 50 cents per share in first-quarter 2020, wider than the year-ago quarter’s loss of 32 cents. The Zacks Consensus Estimate was pegged at a loss of 57 cents.

With no marketed products, the company did not record any revenues during the quarter.

Shares of Allogene have gained 15.7% so far this year compared with the industry’s increase of 3.6%.

Quarter in Detail

Research & development (R&D) expenses were $42 million, up 79.6% from the year-ago quarter. The significant increase was presumably due to higher clinical activities.

General and administrative (G&A) expenses increased 19.8% year over year to $8 million.

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The company had $553 million in cash, cash equivalents and investments as of Mar 31, 2020 compared with $588.9 million as of Dec 31, 2019.

2020 Guidance Maintained

Allogene maintained its guidance for 2020 provided on the fourth-quarter earnings call. The company expects full-year loss to be in the range of $260-$280 million, which will include stock-based compensation expense of $70 million to $75 million.

Pipeline Update

Allogene has four pipeline candidates in early-stage of development, including three CAR T cell product candidates — UCART19, ALLO-501 and ALLO-715 — and a monoclonal antibody (mAB), ALLO-647.

The company expects to report initial data from the phase I study evaluating ALLO-501 in patients with relapsed/refractory (r/r) large B-cell lymphoma (“LBCL”) and r/r follicular lymphoma (“FL”), by June-end.

Allogene plans to initiate enrollment in an abbreviated phase I study, which will evaluate next generation anti-CD19 AlloCAR T, ALLO-501A, in patients with r/r LBCL or transformed FL in the second quarter. Please note that ALLO-501A is the second-generation version of ALLO-501.

The company plans to initiate a phase I study to evaluate ALLO-715 in combination with SpringWorks’ investigational gamma secretase inhibitor (GSI), nirogacestat, for treating R/R MM in the second half of 2020.

Allogene Therapeutics Inc Price, Consensus and EPS Surprise

 

Allogene Therapeutics Inc Price, Consensus and EPS Surprise
Allogene Therapeutics Inc Price, Consensus and EPS Surprise

Allogene Therapeutics Inc price-consensus-eps-surprise-chart | Allogene Therapeutics Inc Quote

Zacks Rank & Other Stocks to Consider

Allogene currently has a Zacks Rank #2 (Buy).

A couple of other top-ranked biotech stocks include Seattle Genetics Inc SGEN, Epizyme Inc EPZM and Immunomedics, Inc. IMMU, all carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Seattle Genetics’ loss per share estimates have narrowed from $3.23 to $3.10 for 2020 and from $1.41 to 81 cents for 2021 in the past 30 days. The company’s average four-quarter positive earnings surprise is 16.15%. The company’s stock has surged 44.1% so far this year.

Epizyme’s loss per share estimates have narrowed from $2.82 to $2.42 for 2020 and from $2.10 to $2.07 for 2021 in the past 30 days. The company’s average four-quarter positive earnings surprise is 10.33%.

Immunomedics’ loss per share estimates have narrowed from $1.65 to $1.60 for 2020 and from $1.03 to 87 cents for 2021 in the past 30 days. The company’s stock has surged 52.2% so far this year.

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Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.

Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.

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Immunomedics Inc (IMMU) : Free Stock Analysis Report
 
Seattle Genetics Inc (SGEN) : Free Stock Analysis Report
 
Epizyme Inc (EPZM) : Free Stock Analysis Report
 
Allogene Therapeutics Inc (ALLO) : Free Stock Analysis Report
 
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