Allogene Therapeutics (NASDAQ:ALLO) Upgraded to “Strong-Buy” at Truist Financial

Truist Financial upgraded shares of Allogene Therapeutics (NASDAQ:ALLO) to a strong-buy rating in a research report report published on Wednesday,Zacks.com reports.

Several other equities analysts have also issued reports on ALLO. Citigroup raised Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research note on Friday, January 9th. Piper Sandler lifted their target price on Allogene Therapeutics from $7.00 to $8.00 and gave the company an “overweight” rating in a research report on Friday, March 13th. UBS Group assumed coverage on shares of Allogene Therapeutics in a research note on Wednesday, January 7th. They set a “buy” rating and a $8.00 price target on the stock. Citizens Jmp raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating and set a $5.00 price target on the stock in a research report on Friday, January 9th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $14.00 price objective on shares of Allogene Therapeutics in a research note on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $8.56.

Allogene Therapeutics Stock Up 5.4%

Shares of NASDAQ ALLO opened at $2.33 on Wednesday. The business’s 50 day moving average is $2.05 and its two-hundred day moving average is $1.57. Allogene Therapeutics has a 52-week low of $0.86 and a 52-week high of $2.80. The firm has a market cap of $568.01 million, a price-to-earnings ratio of -2.68 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last released 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 anticipate that Allogene Therapeutics will post -1.28 EPS for the current fiscal year.

Insider Buying and Selling

In other Allogene Therapeutics news, CFO Geoffrey M. Parker sold 24,001 shares of the company’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $1.76, for a total transaction of $42,241.76. Following the sale, the chief financial officer owned 1,252,795 shares in the company, valued at $2,204,919.20. This represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Earl Martin Douglas sold 22,900 shares of the stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the completion of the sale, the senior vice president directly owned 564,948 shares in the company, valued at $994,308.48. This represents a 3.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 275,585 shares of company stock valued at $526,886. 13.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Allogene Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in ALLO. AQR Capital Management LLC purchased a new stake in shares of Allogene Therapeutics during the first quarter worth approximately $85,000. Goldman Sachs Group Inc. lifted its stake in 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 acquiring an additional 3,747,397 shares during the last quarter. Jane Street Group LLC lifted its stake in Allogene Therapeutics by 578.7% in the first quarter. Jane Street Group LLC now owns 1,116,681 shares of the company’s stock worth $1,630,000 after acquiring an additional 952,158 shares during the last quarter. Geode Capital Management LLC grew its holdings in Allogene Therapeutics by 13.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,794,827 shares of the company’s stock worth $4,289,000 after acquiring an additional 435,389 shares in the last quarter. Finally, Rhumbline Advisers grew its holdings in Allogene Therapeutics by 14.0% during the 2nd quarter. Rhumbline Advisers now owns 209,336 shares of the company’s stock worth $237,000 after acquiring an additional 25,628 shares in the last quarter. 83.63% of the stock is owned by institutional investors and hedge funds.

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.