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Allogene (ALLO) Q1 Earnings & Sales Beat, Pipeline Advances

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Allogene Therapeutics, Inc. ALLO incurred loss of 25 cents per share in first-quarter 2021, narrower than the Zacks Consensus Estimate of 48 cents as well as the year-ago quarter’s loss of 50 cents.

The company recorded revenues of $38.3 million during the quarter beating the Zacks Consensus Estimate of $24.5 million. The company did not record any revenues in the year-ago quarter.

Shares of Allogene were up 1.7% in afterhours trading on May 5 in response to the strong first-quarter results. The company’s stock has gained 13.7% so far this year against the industry’s decrease of 6%.

Quarter in Detail

Research & development (R&D) expenses were $55.2 million, up 31.3% from the year-ago quarter.

General and administrative (G&A) expenses increased 4.6% year over year to $16.4 million.

The company had $964.2 million in cash, cash equivalents and investments as of Mar 31, 2021, compared with $1 billion at the end of Dec 30, 2020

Maintains 2021 Guidance

Allogene maintained its previous guidance for operating expenses for 2021, which is expected to be between $300 million and $330 million.

Pipeline Update

Allogene has four pipeline candidates in early-stage of clinical development, including three CAR T cell product candidates — ALLO-501, ALLO-501A and ALLO-715 — and a monoclonal antibody (mAB), ALLO-647. Please note that the company utilizes ALLO-647 as part of its differentiated lymphodepletion regimen in clinical studies evaluating ALLO-501 or ALLO-715.

A phase I study — UNIVERSAL — is evaluating ALLO-715 in combination with ALLO-647 in patients with relapsed/refractory multiple myeloma (r/rMM). During the first quarter, the company started enrolling patients in the newly-approved cohort of the UNIVERSAL study to evaluate ALLO-715 in combination with SpringWorks Therapeutics’ SWTX late-stage candidate, nirogacestat, as a potential treatment for r/rMM.

Meanwhile, Allogene initiated a phase I study — TRAVERSE — to evaluate its first CAR T candidate for solid tumors, ALLO-316, during the reported quarter. The company also plans to initiate a clinical study this year to evaluate its first anti-BCMA TurboCAR T cell therapy, ALLO-605, in r/rMM in 2021. The candidate has the potential to improve efficacy, overcome cell exhaustion, and reduce dosing requirements of AlloCAR T therapy.

The company plans to announce initial data from the phase I ALPHA2 study evaluating ALLO-501A in the second quarter. It intends to start a pivotal, phase II study on the candidate, subject to positive data and regulatory approvals, by the end of this year.

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 Key Picks

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

Some other top-ranked stocks from the biotech sector are Atea Pharmaceuticals, Inc. AVIR and Nabriva Therapeutics AG NBRV, both carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Atea’s earnings per share estimates have moved up from $3.79 to $8.34 for 2021 and from $16.76 to $17.25 for 2022 in the past 30 days. The stock has soared 757.3% in the past year.

Nabriva’s loss per share estimates narrowed from $2.03 to $1.95 for 2021 and from $1.35 to $1.22 for 2022 in the past 30 days. The company delivered an earnings surprise of 46.50%, on average, in the last four quarters.

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Nabriva Therapeutics AG (NBRV) : Free Stock Analysis Report

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