7 Best Rising Penny Stocks To Invest In Now

4. Allogene Therapeutics, Inc. (NASDAQ:ALLO)

1-Month Stock Price Performance: 15.94%

Number of Hedge Fund Holders: 23

Allogene Therapeutics, Inc. (NASDAQ:ALLO) is a company focused on developing and commercializing advanced cancer treatments through genetically engineered allogeneic T-cell therapies. It specializes in CAR T cell therapy and seeks to revolutionize how certain blood cancers are treated.

A key product, UCART19, is designed for both children and adults suffering from CD19 positive B-cell acute lymphoblastic leukemia. In addition to UCART19, it is advancing other CAR T cell therapies, including cemacabtagene ansegedleucel, which targets a similar protein to treat large B-cell lymphoma.

It is currently undergoing a Phase 1b clinical trial for chronic lymphocytic leukemia, further expanding Allogene Therapeutics, Inc.’s (NASDAQ:ALLO) portfolio in the blood cancer segment. Additionally, the company is actively testing ALLO-715 and ALLO-605, both targeting multiple myeloma, which are also in Phase 1 clinical trials.

As of June 30, it reported a cash position of $444.6 million in cash, cash equivalents, and investments. The financial strength is important for funding ongoing operations and clinical trials, with expectations that this cash runway will support activities into the second half of 2026.

Moreover, the company maintains its guidance and sees a decrease of approximately $200 million in cash reserves throughout 2024.

Lastly, Allogene Therapeutics, Inc. (NASDAQ:ALLO) has a consensus Buy rating from 18 analysts. The average price target of $9.50 represents an upside of 226.46% to the stock’s current price, as of September 27.