Allogene Therapeutics (NASDAQ:ALLO) Stock Price Down 5.3% – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares dropped 5.3% on Friday . The company traded as low as $2.65 and last traded at $2.7550. Approximately 717,863 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 5,674,157 shares. The stock had previously closed at $2.91.

Wall Street Analyst Weigh In

ALLO has been the topic of a number of recent analyst reports. Truist Financial raised shares of Allogene Therapeutics to a “strong-buy” rating in a research note on Wednesday, March 25th. UBS Group initiated coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They issued a “buy” rating and a $8.00 target price on the stock. Wall Street Zen raised shares of Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a research note on Friday, January 9th. Finally, Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Allogene Therapeutics currently has an average rating of “Moderate Buy” and an average target price of $8.56.

Allogene Therapeutics Price Performance

The stock has a market capitalization of $666.74 million, a PE ratio of -3.14 and a beta of 0.53. The firm’s 50 day simple moving average is $2.25 and its 200 day simple moving average is $1.67.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings results on Thursday, March 12th. The company reported ($0.17) EPS for the quarter, topping the consensus estimate of ($0.25) by $0.08. Analysts expect that Allogene Therapeutics, Inc. will post -1.28 earnings per share for the current fiscal year.

Insider Buying and Selling at Allogene Therapeutics

In related news, CFO Geoffrey M. Parker sold 24,001 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $42,241.76. Following the transaction, the chief financial officer directly owned 1,252,795 shares of the company’s stock, valued at $2,204,919.20. The trade was a 1.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO David D. Chang sold 95,269 shares of Allogene Therapeutics stock in a transaction on Monday, February 2nd. The stock was sold at an average price of $1.80, for a total transaction of $171,484.20. Following the completion of the transaction, the chief executive officer directly owned 5,185,862 shares in the company, valued at approximately $9,334,551.60. The trade was a 1.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 278,452 shares of company stock valued at $534,053. 13.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in ALLO. Goldman Sachs Group Inc. increased its stake in shares of Allogene Therapeutics by 177.9% in the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after buying an additional 3,747,397 shares during the period. Kalehua Capital Management LLC purchased a new position in shares of Allogene Therapeutics in the fourth quarter worth $3,488,000. Patient Square Capital LP increased its stake in shares of Allogene Therapeutics by 66.5% in the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock worth $6,800,000 after buying an additional 1,982,360 shares during the period. Millennium Management LLC increased its stake in shares of Allogene Therapeutics by 125.6% in the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock worth $4,204,000 after buying an additional 1,887,302 shares during the period. Finally, Two Sigma Investments LP increased its stake in shares of Allogene Therapeutics by 109.7% in the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock worth $4,196,000 after buying an additional 1,770,419 shares during the period. 83.63% of the stock is owned by hedge funds and other institutional investors.

Allogene Therapeutics Company Profile

Allogene Therapeutics is a clinical-stage biotechnology company focused on developing allogeneic, or “off-the-shelf,” chimeric antigen receptor T-cell (CAR T) therapies to treat a range of hematologic malignancies and solid tumors. The company leverages gene-editing technologies to generate universally compatible engineered T cells, aiming to overcome the limitations of patient-specific CAR T approaches such as manufacturing delays, variable product quality and treatment resistance.

The company’s pipeline includes multiple allogeneic CAR T candidates targeting key antigens in blood cancers.