Why Allogene Stock Is Trading Down Today

Allogene Therapeutics, Inc. ALLO shares are trading lower after the company announced its CFO Eric Schmidt will step down from his position.

What To Know: In order to support the reporting of second quarter financials and ensure an orderly transition, Schmidt will remain with the company through Aug. 2, 2023. Allogene has initiated a search to fill this position.

"On behalf of the Board and the team at Allogene, I would like to thank Eric for his lasting impact in establishing the Company as a leader in allogeneic CAR T. He has been an integral part of what Allogene has created and we wish only the best for Eric and his family," said David Chang, President, CEO and Co-Founder of Allogene. "While we will undoubtedly miss Eric, we are extremely excited about our next phases of growth. We've presented industry-leading data demonstrating the potential of our platform and are focused on our potentially pivotal trial and future BLA submission in lymphoma as well as making CAR T a reality in solid tumors."

Related Link: What's Going On With Coherent Stock?

ALLO Price Action: Shares of ALLO were down 15.3% at $4.83 at the time of publication, according to Benzinga Pro.

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