Why Allogene Therapeutics Shares Are Seeing Blue Skies Today

Allogene Therapeutics Inc ALLO shares are trading higher by 13.1% to $7.76 Tuesday morning after the company announced data from its Phase 1 UNIVERSAL trial of ALLO-715 has been published in Nature Medicine.

What Else?

Among highlights, Allogene says UNIVERSAL is the first and only allogeneic CAR T study to demonstrate that significant responses can be achieved with a single dose in patients with relapsed/refractory multiple myeloma.

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"While new autologous CAR T therapies are a significant advance for patients with multiple myeloma, challenges inherent to those treatments remain, including manufacturing constraints and out-of-specification product, lengthy vein-to-vein time requiring bridging therapy or prolonged courses of treatment", said Sham Mailankody, MBBS, Clinical Director of Cellular Therapy Service and Associate Attending Physician, Memorial Sloan Kettering Cancer Center in New York, New York.

"These groundbreaking results demonstrate the potential for an off-the-shelf cell therapy to be delivered on demand to patients at scale. It is my hope that this publication demonstrating significant proof-of-concept for allogeneic CAR T will set the stage for many more advances in the field of cell therapy for myeloma."

Also, JP Morgan analyst Brian Cheng upgraded the stock from Neutral to Overweight. 

According to data from Benzinga Pro, ALLO has a 52-week high of $17.49 and a 52-week low of $5.40.