SOUTH SAN FRANCISCO - Allogene Therapeutics, Inc. (NASDAQ:ALLO), a biotech firm engaged in developing allogeneic chimeric antigen receptor T cell (AlloCAR T™) therapies, has announced its plan to present pre-clinical data for ALLO-329, an investigational AlloCAR T candidate targeting autoimmune diseases, at the upcoming ACR Convergence 2024. The event, organized by the American College of Rheumatology, is scheduled from November 14 to November 19 in Washington, D.C.
ALLO-329 is designed to address both B-cell and T-cell dysfunctions implicated in autoimmune disorders, featuring dual targeting of CD19+ B-cells and CD70+ activated T-cells. The innovation lies in its utilization of CRISPR-based site-specific integration for dual CAR expression, which is intended to mitigate the risk of secondary malignancies associated with traditional CAR T therapies.
The company's Executive Vice President of Research & Development, Zachary Roberts, M.D., Ph.D., emphasized the product's potential to meet the specific needs of a broad patient population and its design to reduce or eliminate the need for lymphodepletion. Lymphodepletion, often a prerequisite for CAR T therapy, involves chemotherapy conditioning that can present a barrier to treatment adoption due to its toxicity.
Allogene's proprietary Dagger® technology is incorporated into ALLO-329, which aims to enable cell expansion and persistence in patients potentially without the need for chemotherapy conditioning. This could mark a significant advancement in the application of CAR T therapies for autoimmune diseases, which often require tailored approaches due to the complexity of the conditions.
The company plans to file an investigational new drug (IND) application with the U.S. Food and Drug Administration in the first quarter of 2025 and anticipates having proof-of-concept data by the end of that year.
Allogene Therapeutics is known for pioneering off-the-shelf CAR T cell product candidates, striving to deliver cell therapy more reliably and at a greater scale. The information for this article is based on a press release statement.
In other recent news, Allogene Therapeutics has caught the attention of Piper Sandler, a reputable financial firm, following a study published in the Cell journal. The research, conducted by several Chinese academic institutions, detailed the use of allogeneic CD19 CAR-T treatment in three patients with autoimmune diseases. These patients reported improvements, including reduced lung and skin fibrosis and regained muscle strength.
Piper Sandler has maintained its Overweight rating on Allogene, with a price target of $11. The firm views the study results as promising for Allogene's future prospects, potentially paving the way for broader applications of CAR-T therapy beyond oncology.
Notably, Allogene's ALLO-329, highlighted in the study, is expected to enter Phase 1 clinical trials in the first half of 2025. Piper Sandler anticipates that further publications will provide additional insight into the potential efficacy of ALLO-329. These developments are part of the recent news that investors and stakeholders in Allogene Therapeutics are likely to monitor closely.
InvestingPro Insights
As Allogene Therapeutics, Inc. (NASDAQ:ALLO) prepares to showcase its innovative ALLO-329 candidate at the ACR Convergence 2024, the company's financial health and market performance provide a backdrop for investors to consider. With a market capitalization of roughly $546.83 million, Allogene holds a unique position in the biotech industry, particularly as a niche player in the allogeneic CAR T cell therapies market.
An InvestingPro Tip highlights that Allogene holds more cash than debt, which could provide the company with a degree of financial flexibility as it continues its research and development efforts. Additionally, the fact that 6 analysts have revised their earnings upwards for the upcoming period suggests growing optimism around the company's prospects.
InvestingPro Data indicates that the company has experienced a stock price decline of approximately 9.97% over the last week, reflecting recent market volatility. Despite this, the company's liquid assets exceed its short-term obligations, suggesting a stable short-term financial position. However, it's important to note that analysts do not anticipate the company will be profitable this year, and the company is trading at a high revenue valuation multiple, with a price-to-book ratio of 1.06 as of the last twelve months ending Q2 2024.
For investors and industry watchers, these financial insights from InvestingPro can provide a deeper understanding of Allogene's market position as they await further developments from the company's presentation at the upcoming conference. Additional InvestingPro Tips related to Allogene Therapeutics are available, offering a more comprehensive analysis of the company's financial and market status.
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