: Allogene Therapeutics stock drops as much as 40% as FDA puts hold on cancer drug study

Allogene Therapeutics Inc. ALLO shares plunged in the extended session Thursday after the biotech drug developer said the Food and Drug Administration placed a hold on the company‚Äôs cancer drug clinical trials. Allogene shares, which had closed up 1.7% at $24.38 in the regular session, plunged as much as 40% after hours following a brief halt. Allogene said a single report of a ‚Äúchromosomal abnormality‚ÄĚ in a stage IV follicular lymphoma¬†patient treated with the company‚Äôs ALLO-501A CAR T prompted the FDA put a hold on the drug‚Äôs study until an investigation is completed. ‚ÄúThe company expects to provide additional updates in the coming weeks following consultation with the FDA,‚ÄĚ Allogene said in a statement. ‚ÄúThe FDA continues to actively review the end of Phase 1 materials submitted in anticipation for an ALLO-501A pivotal Phase 2 trial.‚ÄĚ Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

: Allogene Therapeutics stock drops as much as 40% as FDA puts hold on cancer drug study
Allogene Therapeutics Inc. ALLO shares plunged in the extended session Thursday after the biotech drug developer said the Food and Drug Administration placed a hold on the company‚Äôs cancer drug clinical trials. Allogene shares, which had closed up 1.7% at $24.38 in the regular session, plunged as much as 40% after hours following a brief halt. Allogene said a single report of a ‚Äúchromosomal abnormality‚ÄĚ in a stage IV follicular lymphoma¬†patient treated with the company‚Äôs ALLO-501A CAR T prompted the FDA put a hold on the drug‚Äôs study until an investigation is completed. ‚ÄúThe company expects to provide additional updates in the coming weeks following consultation with the FDA,‚ÄĚ Allogene said in a statement. ‚ÄúThe FDA continues to actively review the end of Phase 1 materials submitted in anticipation for an ALLO-501A pivotal Phase 2 trial.‚ÄĚ Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.