Allogene Therapeutics, Inc. ( ALLO Quick Quote 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.
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 Quick Quote 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.
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 Quick Quote AVIR - Free Report) and Nabriva Therapeutics AG ( NBRV Quick Quote NBRV - Free Report) , 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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