Allogene Therapeutics (NASDAQ:ALLO) Trading 9.5% Higher – Here’s What Happened

Allogene Therapeutics, Inc. (NASDAQ:ALLO) shares were up 9.5% on Monday . The company traded as high as $1.9061 and last traded at $1.9050. 868,919 shares changed hands during trading, a decline of 90% from the average session volume of 8,359,403 shares. The stock had previously closed at $1.74.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ALLO shares. Argus boosted their target price on Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research note on Tuesday, April 14th. HC Wainwright lifted their price target on Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a report on Tuesday, April 14th. Citigroup reissued an “outperform” rating on shares of Allogene Therapeutics in a research report on Tuesday, April 14th. Jefferies Financial Group raised their target price on Allogene Therapeutics from $6.00 to $10.00 and gave the company a “buy” rating in a research report on Monday, April 13th. Finally, Sanford C. Bernstein lifted their price objective on shares of Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research report on Tuesday, April 14th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $8.52.

Allogene Therapeutics Price Performance

The firm has a fifty day simple moving average of $1.98 and a two-hundred day simple moving average of $2.09. The firm has a market capitalization of $572.95 million, a P/E ratio of -2.16 and a beta of 0.46.

Allogene Therapeutics (NASDAQ:ALLO) last issued its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.01. On average, research analysts anticipate that Allogene Therapeutics, Inc. will post -0.7 EPS for the current year.

Hedge Funds Weigh In On Allogene Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV raised its position in shares of Allogene Therapeutics by 23.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 29,512 shares of the company’s stock valued at $40,000 after purchasing an additional 5,514 shares during the period. Royal Bank of Canada boosted its holdings in Allogene Therapeutics by 15.9% in the 1st quarter. Royal Bank of Canada now owns 56,532 shares of the company’s stock worth $138,000 after buying an additional 7,738 shares during the period. CANADA LIFE ASSURANCE Co boosted its holdings in Allogene Therapeutics by 27.3% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 39,730 shares of the company’s stock worth $50,000 after buying an additional 8,519 shares during the period. Abel Hall LLC grew its stake in Allogene Therapeutics by 56.4% in the 1st quarter. Abel Hall LLC now owns 26,647 shares of the company’s stock valued at $65,000 after buying an additional 9,604 shares in the last quarter. Finally, Kestra Private Wealth Services LLC purchased a new position in Allogene Therapeutics in the 1st quarter valued at approximately $27,000. Institutional investors own 83.63% of the company’s stock.

About Allogene Therapeutics

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.