AlloVir (ALVR – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst on November 2. Analyst Mani Foroohar from Leerink Partners remains neutral on the stock and has a $14.00 price target.
Mani Foroohar’s Buy rating for AlloVir’s stock hinges on various factors. AlloVir recently reported its 3Q23 results, and is making significant strides in its pipeline updates. The company is actively enrolling for Phase 3 trials of its allogenic T-cell therapy, posoleucel, for three different medical conditions in allo-HCT patients. Additionally, AlloVir is in discussions with regulatory bodies about Phase 3 design to assess posoleucel in kidney transplant patients suffering from BK virus infection. The company has also completed enrollment for Part A of the Phase 1b/2a trial of ALVR106, a T cell therapy designed to target multiple respiratory viruses, with data anticipated to be presented at an upcoming scientific congress.
Financial indicators for 3Q23 were generally positive, with AlloVir’s R&D expenditures surpassing Foroohar’s predicted $29.7mm, aligning with the consensus estimate of $33.1mm. SG&A was lower than both Foroohar’s and the consensus estimate. Furthermore, the company concluded 3Q23 with a robust $213.3mm in cash and equivalents, which is expected to sustain operations through all pivotal trial outcomes and into 2025. Lastly, the company is looking forward to some key upcoming events, such as the completion of enrollment for Phase 3 studies of Posoleucel for multivirus prevention, hemorrhagic cystitis treatment, and adenovirus treatment in allo-HSCT recipients by the end of 2023. The top-line data for all three is expected to be available in 2H24.
In another report released on November 3, Piper Sandler also assigned a Buy rating to the stock with a $27.00 price target.
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Based on the recent corporate insider activity of 46 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ALVR in relation to earlier this year.
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AlloVir (ALVR) Company Description:
AlloVir Inc is a late clinical-stage cell therapy company. It is developing allogeneic T cell therapies to treat and prevent devastating viral diseases. The firm’s pipeline includes ALVR106, ALVR109, ALVR108, and others. The company’s product candidate, Viralym-M, is a multi-VST therapy targeting five viruses namely BK virus, cytomegalovirus, adenovirus, Epstein-Barr virus, and human herpesvirus 6.
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