Allogene Therapeutics, Inc. (NASDAQ:ALLO) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Allogene Therapeutics, Inc. (NASDAQ:ALLO) has received an average rating of “Moderate Buy” from the thirteen research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $8.5222.

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. raised Allogene Therapeutics from an “underweight” rating to a “neutral” rating in a research report on Thursday, April 16th. HC Wainwright boosted their price objective on Allogene Therapeutics from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Citigroup reissued an “outperform” rating on shares of Allogene Therapeutics in a research report on Tuesday, April 14th. Sanford C. Bernstein boosted their price objective on Allogene Therapeutics from $1.60 to $3.85 and gave the stock a “market perform” rating in a research report on Tuesday, April 14th. Finally, Jefferies Financial Group boosted their target price on shares of Allogene Therapeutics from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, April 13th.

Allogene Therapeutics Stock Up 5.6%

NASDAQ:ALLO opened at $1.88 on Friday. The company has a fifty day simple moving average of $2.24 and a two-hundred day simple moving average of $1.96. The company has a market cap of $648.88 million, a price-to-earnings ratio of -2.44 and a beta of 0.46. Allogene Therapeutics has a 52 week low of $0.98 and a 52 week high of $4.46.

Allogene Therapeutics (NASDAQ:ALLO) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.01. On average, analysts expect that Allogene Therapeutics will post -0.72 EPS for the current year.

Insider Buying and Selling

In related news, CEO David D. Chang sold 47,763 shares of the stock in a transaction on Monday, March 16th. The stock was sold at an average price of $2.47, for a total value of $117,974.61. Following the transaction, the chief executive officer owned 5,150,599 shares of the company’s stock, valued at $12,721,979.53. This represents a 0.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 65,051 shares of company stock valued at $159,228 over the last 90 days. Corporate insiders own 13.20% of the company’s stock.

Hedge Funds Weigh In On Allogene Therapeutics

Several large investors have recently bought and sold shares of ALLO. Goldman Sachs Group Inc. boosted its holdings 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 valued at $8,547,000 after purchasing an additional 3,747,397 shares in the last quarter. Kalehua Capital Management LLC acquired a new position in Allogene Therapeutics in the fourth quarter valued at approximately $3,488,000. Patient Square Capital LP boosted its holdings in Allogene Therapeutics by 66.5% in the fourth quarter. Patient Square Capital LP now owns 4,963,756 shares of the company’s stock valued at $6,800,000 after purchasing an additional 1,982,360 shares in the last quarter. Millennium Management LLC boosted its holdings in Allogene Therapeutics by 125.6% in the third quarter. Millennium Management LLC now owns 3,390,026 shares of the company’s stock valued at $4,204,000 after purchasing an additional 1,887,302 shares in the last quarter. Finally, Two Sigma Investments LP boosted its holdings in Allogene Therapeutics by 109.7% in the third quarter. Two Sigma Investments LP now owns 3,383,644 shares of the company’s stock valued at $4,196,000 after purchasing an additional 1,770,419 shares in 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.