Allogene Therapeutics (NASDAQ:ALLO) Trading Down 9.2% – Here’s Why

Allogene Therapeutics, Inc. (NASDAQ:ALLO)’s stock price dropped 9.2% during mid-day trading on Tuesday . The stock traded as low as $2.27 and last traded at $2.2160. Approximately 1,067,306 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 5,935,228 shares. The stock had previously closed at $2.44.

Analysts Set New Price Targets

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

Allogene Therapeutics Price Performance

The company has a market cap of $568.01 million, a PE ratio of -2.68 and a beta of 0.50. The business has a fifty day simple moving average of $2.05 and a two-hundred day simple moving average of $1.57.

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. On average, equities research analysts predict that Allogene Therapeutics, Inc. will post -1.28 EPS for the current year.

Insider Activity

In other news, SVP Earl Martin Douglas sold 22,900 shares of Allogene Therapeutics stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $1.76, for a total value of $40,304.00. Following the transaction, the senior vice president owned 564,948 shares of the company’s stock, valued at $994,308.48. The trade was a 3.90% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Zachary Roberts sold 35,700 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $1.77, for a total transaction of $63,189.00. Following the transaction, the executive vice president owned 581,166 shares of the company’s stock, valued at approximately $1,028,663.82. This trade represents a 5.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 275,585 shares of company stock valued at $526,886. Company insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. Goldman Sachs Group Inc. increased its position in shares of Allogene Therapeutics by 177.9% during the first quarter. Goldman Sachs Group Inc. now owns 5,853,974 shares of the company’s stock worth $8,547,000 after purchasing an additional 3,747,397 shares in the last quarter. Kalehua Capital Management LLC acquired a new stake in shares of Allogene Therapeutics in the 4th quarter worth $3,488,000. Patient Square Capital LP grew its stake in Allogene Therapeutics by 66.5% during the 4th 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 last quarter. Millennium Management LLC increased its position in Allogene Therapeutics by 125.6% during the 3rd quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock valued at $4,204,000 after buying an additional 1,887,302 shares in the last quarter. Finally, Two Sigma Investments LP increased its position in Allogene Therapeutics by 109.7% during the 3rd quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock valued at $4,196,000 after buying an additional 1,770,419 shares in the last quarter. 83.63% of the stock is owned by hedge funds and other institutional investors.

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.