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Here's Why Allogene Therapeutics Is Roaring Higher Today

TheMotleyFool

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Here's Why Allogene Therapeutics Is Roaring Higher TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

Shares of Allogene Therapeutics (NASDAQ: ALLO) gained over 33% in early trading Thursday after the company reported preliminary data from a phase 1 clinical trial. The results will be featured in an abstract to be presented at the American Society of Clinical Oncology (ASCO) meeting at the end of May.

The phase 1 trial is evaluating a combination of cell therapy drug candidate ALLO-501 and monoclonal antibody drug candidate ALLO-647 to treat advanced non-Hodgkin lymphoma (NHL). Investors are excited by preliminary results suggesting the drug combo could become a powerful treatment option.

As of 12:42 p.m. EDT, the pharma stock had settled to a 30.2% gain.

Source Fool.com

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