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Allogene Therapeutics, Inc. (ALLO - Free Report) 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 - Free Report) 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
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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Allogene (ALLO) Q1 Earnings & Sales Beat, Pipeline Advances
Allogene Therapeutics, Inc. (ALLO - Free Report) 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 - Free Report) 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-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 - Free Report) and Nabriva Therapeutics AG , 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.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>