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Allogene (ALLO) Q3 Earnings Top Estimates, Pipeline Progresses
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Allogene Therapeutics, Inc. (ALLO - Free Report) incurred loss of 52 cents per share in third-quarter 2020, wider than the year-ago quarter’s loss of 50 cents. The Zacks Consensus Estimate was pegged at a loss of 55 cents.
With no marketed products, the company did not record any revenues during the quarter.
Shares of Allogene were down 2.3% in pre-market trading on Nov 4, following the earnings release. The company’s stock has gained 30% so far this year against the industry’s decrease of 6.4%.
Quarter in Detail
Research & development (R&D) expenses were $51.4 million, up 28.6% from the year-ago quarter. The significant increase was presumably due to higher clinical activities.
General and administrative (G&A) expenses increased 10.7% year over year to $16.6 million.
The company had $1 billion in cash, cash equivalents and investments as of Sep 30, 2020 compared with $1.1 billion as of Jun 30, 2020.
2020 Guidance Maintained
Allogene maintained its guidance for 2020. The company expects full-year loss to be in the range of $260-$280 million.
Pipeline Update
Allogene has four pipeline candidates in early-stage of development, including three CAR T cell product candidates — UCART19, 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). Initial data from the study will be presented at a medical meeting later this year. The company will file an investigational new drug application for initiation of a clinical study to evaluate ALLO-715 in combination with SpringWorks Therapeutics’ (SWTX - Free Report) late-stage candidate, nirogacestat, as a potential treatment for r/rMM, by the year-end.
Allogene Therapeutics, Inc. Price, Consensus and EPS Surprise
Emergent Biosolutions’ earnings per share estimates have moved up from $6.17 to $8.42 for 2021 in the past 60 days. The company delivered an earnings surprise of 127.41%, on average, in the last four quarters. The stock has risen 72% so far this year.
Horizon Therapeutics’ earnings per share estimates have increased from $4.29 to $4.54 for 2021 in the past 30 days. The company delivered an earnings surprise of 50.76%, on average, in the last four quarters. The stock has surged 102.9% so far this year.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Allogene (ALLO) Q3 Earnings Top Estimates, Pipeline Progresses
Allogene Therapeutics, Inc. (ALLO - Free Report) incurred loss of 52 cents per share in third-quarter 2020, wider than the year-ago quarter’s loss of 50 cents. The Zacks Consensus Estimate was pegged at a loss of 55 cents.
With no marketed products, the company did not record any revenues during the quarter.
Shares of Allogene were down 2.3% in pre-market trading on Nov 4, following the earnings release. The company’s stock has gained 30% so far this year against the industry’s decrease of 6.4%.
Quarter in Detail
Research & development (R&D) expenses were $51.4 million, up 28.6% from the year-ago quarter. The significant increase was presumably due to higher clinical activities.
General and administrative (G&A) expenses increased 10.7% year over year to $16.6 million.
The company had $1 billion in cash, cash equivalents and investments as of Sep 30, 2020 compared with $1.1 billion as of Jun 30, 2020.
2020 Guidance Maintained
Allogene maintained its guidance for 2020. The company expects full-year loss to be in the range of $260-$280 million.
Pipeline Update
Allogene has four pipeline candidates in early-stage of development, including three CAR T cell product candidates — UCART19, 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). Initial data from the study will be presented at a medical meeting later this year. The company will file an investigational new drug application for initiation of a clinical study to evaluate ALLO-715 in combination with SpringWorks Therapeutics’ (SWTX - Free Report) late-stage candidate, nirogacestat, as a potential treatment for r/rMM, by the year-end.
Allogene Therapeutics, Inc. Price, Consensus and EPS Surprise
Allogene Therapeutics, Inc. price-consensus-eps-surprise-chart | Allogene Therapeutics, Inc. Quote
Zacks Rank and Stocks to Consider
Allogene currently has a Zacks Rank #3 (Hold).
A couple of better-ranked stocks from the biotech sector include Emergent Biosolutions (EBS - Free Report) and Horizon Therapeutics , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Emergent Biosolutions’ earnings per share estimates have moved up from $6.17 to $8.42 for 2021 in the past 60 days. The company delivered an earnings surprise of 127.41%, on average, in the last four quarters. The stock has risen 72% so far this year.
Horizon Therapeutics’ earnings per share estimates have increased from $4.29 to $4.54 for 2021 in the past 30 days. The company delivered an earnings surprise of 50.76%, on average, in the last four quarters. The stock has surged 102.9% so far this year.
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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