Allogene Therapeutics, Inc. (NASDAQ:ALLO) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Allogene Therapeutics, Inc. (NASDAQ:ALLO) have been given an average recommendation of “Moderate Buy” by the eleven brokerages that are presently covering the stock, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $8.5556.

A number of equities research analysts have recently issued reports on ALLO shares. Citigroup raised shares of Allogene Therapeutics from a “market perform” rating to an “outperform” rating in a research report on Friday, January 9th. Canaccord Genuity Group reiterated a “buy” rating and set a $14.00 target price on shares of Allogene Therapeutics in a research report on Friday, March 13th. UBS Group initiated coverage on Allogene Therapeutics in a report on Wednesday, January 7th. They set a “buy” rating and a $8.00 price target for the company. Truist Financial upgraded Allogene Therapeutics to a “strong-buy” rating in a research report on Wednesday, March 25th. Finally, Wall Street Zen raised Allogene Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, February 22nd.

Allogene Therapeutics Stock Down 1.8%

NASDAQ ALLO opened at $2.22 on Tuesday. The company has a 50-day moving average price of $2.09 and a 200-day moving average price of $1.60. Allogene Therapeutics has a 52 week low of $0.86 and a 52 week high of $2.80. The firm has a market capitalization of $541.19 million, a P/E ratio of -2.55 and a beta of 0.50.

Allogene Therapeutics (NASDAQ:ALLO) last announced its earnings results on Thursday, March 12th. The company reported ($0.17) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.25) by $0.08. As a group, equities research analysts anticipate that Allogene Therapeutics will post -1.28 EPS for the current year.

Insider Activity

In related news, CFO Geoffrey M. Parker sold 24,001 shares of the company’s 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 completion of the transaction, the chief financial officer owned 1,252,795 shares of the company’s stock, valued at approximately $2,204,919.20. This represents a 1.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO David D. Chang sold 95,269 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $1.80, for a total value of $171,484.20. Following the sale, the chief executive officer directly owned 5,185,862 shares in the company, valued at approximately $9,334,551.60. This represents a 1.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In 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.

Institutional Trading of Allogene Therapeutics

Several institutional investors have recently made changes to their positions in ALLO. Goldman Sachs Group Inc. boosted its stake in Allogene Therapeutics by 177.9% in the 1st 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 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 lifted its holdings 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 in the last quarter. Millennium Management LLC boosted its position in shares of Allogene Therapeutics by 125.6% during the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock worth $4,204,000 after acquiring an additional 1,887,302 shares during the last quarter. Finally, Two Sigma Investments LP boosted its position in shares of Allogene Therapeutics by 109.7% during the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock worth $4,196,000 after acquiring an additional 1,770,419 shares during the last quarter. Hedge funds and other institutional investors own 83.63% of the company’s stock.

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.