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Why a Peninsula cancer fighter soared nearly 40% after record-breaking IPO

Investor comfort with the promise to bring cancer-fighting cell therapies to market faster and more efficiently drove up the stock price of Allogene Therapeutics Inc. by 39 percent Thursday, following a record-breaking $324 million initial public offering.

Allogene’s stock performance came during a stormy day on Wall Street, especially for tech-related stocks battered by investor concerns about rising interest rates and increased tariffs. China’s Tencent Music opted Thursday to postpone its IPO…

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